Tax Reform IRS Announces They Are Working on a New 1040 Tax Form: Intuit TurboTax Has Got You Covered Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLisa Published Jun 29, 2018 - [Updated Sep 25, 2018] 2 min read Today the IRS announced they are working on changes to the 1040 tax forms. The IRS said that “this new approach will simplify the 1040 so that all 150 million taxpayers can use the same form. The new form consolidates the three versions of the 1040 into one simple form.” In addition to shortening Form 1040 to a postcard-sized return, the changes eliminate Forms 1040EZ and 1040A and increase the number of tax schedules supporting Form 1040 by six additional forms. The 1040 forms (1040, 1040A, 1040EZ) are the most common tax forms. The announcement today is the first major change to 1040 tax forms in decades. But don’t worry, TurboTax has you covered. Our teams are working with the IRS and Treasury and our products will be up to date for next tax season, so you can file with complete confidence. As you know, tax time is one time of the year many get a full snapshot of their financial picture. Taxpayers’ active participation in tax preparation is the backbone of the American tax system, giving them a better understanding of their true financial picture. Who will be able to file with the new Form 1040? If you have a straightforward tax situation and claim the standard deduction you will probably be able to file your taxes using the new Form 1040. If you have itemized deductions, your tax deductions will still be included on Schedule A. Itemized deductions include deductions for homeowners like home mortgage interest, property taxes, and interest paid on a home equity line of credit used to improve your home. Don’t worry about knowing the new tax laws and forms changes. TurboTax will make sure our products are up to date at tax time and that your tax filing process is as easy and understandable as possible. If you still have questions at tax time about how tax reform and forms changes impact you, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered. Check back with the TurboTax Blog Tax Reform Hub and the TurboTax Tax Reform Center for updates on 1040 tax form changes. Previous Post Tax Reform 101: Will Getting Married Change My Tax Situation? Next Post Tax Reform 101: How the New Tax Reform Law Changed… Written by Lisa Greene-Lewis Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. 841 responses to “IRS Announces They Are Working on a New 1040 Tax Form: Intuit TurboTax Has Got You Covered” In 2017 i made a piano recording (CD). till it got finished and put on the CDs and gotten back to me, it was Thanksgiving, 2018. i could only afford to get 100 of them and i have about 45 left over. i sold some and gave others away to bless people. how do i claim this? i’m confused especiailly since it cost me more for all the recording plus licenses than i made selling them. Reply Just did a test tax return to see what’s happening after Trump screwed us. For the first time in decades, I will have to pay taxes, $784 worth as a single individual. None of my charitable funds qualify. Reply Sounds good. I look forward to using it. Reply Can you file deductions on a 401k withdrawal that you paid federal and state taxes on the new 1040 form? Also, can you file for a deduction for an invention the same year? Reply When will you have a product that we can enter 2018 rough estimates to do tax planning? Reply when will 2017 programs be mailed? Reply I sold shares of Prudential stock acquired through their demutualization in 2001. I have been unable to get a cost basis from anyone, and since I didn’t purchase them I don’t know what to report . Reply My wife and I are retired but we make quarterly tax payments because of the rental income we receive. I am worried about getting stuck with a big tax bill for 2018. I assume rental deductions will be allowed but have not seen any information about allowable deductions. Reply What form and where will it reflect the 20% pass through deduction for businesses? Reply I filed a claim with my insurance company to replace my roof due to hail damage. The insurance company assessed my damage and paid me (minus my deductible) for a new roof. Is the amount the insurance company paid to me considered income and will I have to pay income taxes on it? Thanks! Reply No it is not considered taxable income and is not reported on your tax return. Reply Keep up the emails on tax It is a discrimination lawsuit for back wages. Does Turbo Tax plan to issue the “”Estimated Taxes and W-4 Worksheet” for 2018 returns and if so when will this happen? Reply My husband and I both retired. Our combined pension checks amount to about 48000 ..so will we be able to deduct 24000 with the new tax reform and that’s what we will be taxed on ? Reply Will there still be a TurboTax option for joint returns including small business? Reply Did they eliminate the penalty for healthcare? Reply Any idea when the 2018 versions of turbotax will be available? Reply NOT for 2018, but yes for 2019. However, there will be a way to avoid the penalty under some circumstances, such as fewer than three months without 2018 insurance coverage. Reply For 2018, is home equity mortgage interest for a primary residence deductible if the home equity loan was taken prior to 2018 and used fully to improve the residence? Reply Hi, I have 4 children – are the personal exemptions gone for them also? Reply Today I used the online IRS Withholdings Calculator 2018 to verify that my federal tax withholdings are sufficient to cover my taxes for 2018. I was shocked to learn that my withholdings are way off target and that I will owe over $7,000 if I do not withhold additional monies for the remaining paychecks in 2018!! This comes as a complete shock to me as I hadn’t expected the new tax laws to have such a negative impact on me. FYI, I am single and rent an apt. Reply I did the same thing…used the tax calculator and was stunned that I also owe over $7,000! I’m single also and rent a house…I take 0 deductions. This is totally unexpected! Reply Same here. But not as bad. Single and rent. Thanks Trump. Reply In 2018 I took out a home equity loan for a walk in bath tub as I am unable to use a regular bathtub, I also replaced/upgraded windows in my town home. What deductions may I be eligible for related to the loan and improvements? Reply I do not know about home equity deductions but if you can itemize you can add the cost of your bathroom remodel to your medical/dental expenses. Reply I have been out of work on a medical leave of absence. I received short term disability payments for 90 days that was 60% of my work wage. I am now on LTD at 60% of my wage. Are these disability monies taxable income? Reply My question is not so much about the IRS changes but is about changes Turbotax is making to the software that will require me to buy a new computer because the operating system I will need will not run on my IMac. We have not received a tax refund for many years so there is no incentive for me to spend additional money to stay with you. I have been a long time customer so will turbotax be addressing this issue or will I be leaving you? Reply Can I still deduct costs for rental property? Reply I have not seen anything to indicate costs for rental property would not be allowed. Money spent for maintaining rentals reduces the money made on a rental so it should be deductible. The whole rental industry would be up in arms if costs were not deductible and since most politicians probably own some kind of rental property, costs are most likely still deductible. I found an early copy of the 1040 form for 2018 but it does not show where rental properties would be entered from schedule E, unless it is lumped in with wages, salaries, tips, etc. on line 1. Reply I am struggling to estimate our tax impacts from an installment sale of our business. My best guess at the tax laws indicates we could have minimum AMT, and could maintain Cap Gains below $479K/yr to achieve a lower overall tax rate. If we take the full amount without installments, we loose the benefit of the first 79K at the zero Cap Gain rate per year, and push 2M or more into the 20% rate. The only complication is keeping us below the AMT thresholds and I can’t find any software to do this properly. Even turbotax does it wrong and adds in a NIT tax on the gains, when it would not apply to our sub s sale. When will Turbo tax get this fixed? The estimator in Turbo tax is not using the 2018 AMT calcs or tax laws in general. Reply I got divorced this year, How does that affect my taxes and deductions? ie dependents, and mortgage interest? Reply How do I find out the tax brackets and what the taxes will be for each bracket. We did not do any prepaid tax so far. Are we going to get hit hard? Reply I went hear to look at the 2018 tax tables https://www.irs.gov/pub/irs-dft/i1040tt–dft.pdf Reply That’s all fine and dandy…. WHEN WILL TURBO TAX RELEASE 2018 PRELIMINARY for download. I usually use last year’s to compute this years, but now is impossible. I need to make proactive adjustments now, not in December or January. Reply I just went through the tax forecaster in an attempt to see how my 2018 return might differ from last year with the new rules. No help at all. I have used turbotax for years and all that old 2017 tax information should already be in your system. Why when using the tax forecaster do I need to reenter all that 2017 data? Don’t you have a method of using existing 2017 data and running it against the new rules and coming up with an estimate for 2018? Reply Are medicsl expenses defuctible for 2018? Reply Hi Norma, Yes, they still are deductible if you can itemize your deductions and your medical expenses are more than 7.5% of your adjusted gross income. You can itemize if your deductions like home mortgage interest, property taxes etc are more than $12,000 single and $24,000 married filing jointly. TurboTax will ask you simple questions and give you the deductions and credits your eligible for based on your answers. If you have questions, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent at tax-time. Best, Lisa Greene-Lewis Reply Why does taxcaster require me to enter all of my 2017 information? I just want to know my 2018 tax liability? I asked this question a month ago and you never answered it. Reply Hello Lisa, I asked a question about a month ago but didn’t see a reply. My divorce finalized in July of this year. Do I need to complete any paperwork before filing taxes for the 2018 tax year? Thank you, Jody Reply Me and my fiancé have a son together and are living together. She draws social security will I be able to claim her too. And if so how much can I expect to get back for her and my son. Reply Only if her income from social security is not more than $4050. Reply I’m getting a job discrimination settlement. I don’t think the lawyers can be written off this year. Is that true and what about Social Security wages and Medicare tax? Do I have to pay them in? Reply Now that there are no exemptions for dependents can my daughter take the $12,000 standard deduction for single taxpayers for her summer job. Reply Hi Roslyn, The dependent exemption is eliminated, but you can still claim her as a dependent so that you can claim other tax benefits for having dependents like the Child Tax Credit or education credits and deductions that you can only take if you claim someone as a dependent. TurboTax will easily walk you through the deductions and credits and give you the tax deductions and credits you’re eligible for. Remember if you have questions, you can also connect live via one-way video to a TurboTax Live CPA or enrolled agent to get your tax questions answered at tax time. Thank you, Lisa Greene-Lewis Reply Can my 21 year old college student get the single taxpayer standard deduction of 12,000 if she is my dependent for the college tax credit No. It isn’t clear what the standard deduction will be for dependents but it isn’t $12,000. Reply If I am single mother will I still get the same earned income tax as before? Have any of the dependent laws changed? Reply Hi Rhonda, The dependent exemption of $4,050 was eliminated, but you can still get tax benefits for having a dependent like the Earned Income Tax Credit, the Child Tax Credit, and the Child and Dependent Care Credit. TurboTax will ask you simple questions and give you the tax deductions and credits you deserve based on your answers. If you have questions you can connect live via one way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered at tax time. Thank you, Lisa Greene-Lewis Reply Do IRAs have the same limits as before? $5,500 for under 55, and $6,500 for over 55? Reply Yes, IRAs still have the same limit. Reply Hi Alvaro, For 2018 the limits are $5,500 and $6,500 if you are 50 and over. Thank you, Lisa Greene-Lewis Reply What are the consequences of a 401k distribution in tax year 2018 and can we anticipate changes in those consequences in tax year 2019? Reply Hi Thomas, A 401K distribution will be taxed at your tax rate unless you rolled it over to another plan within 60 days. It can also put you in a higher tax bracket since it is added to any other income you have. If you are under 59-1/2 you may see a 10% tax penalty unless your distribution was due to a hardship. We will keep you posted on any upcoming changes for tax year 2019. Thank you, Lisa Greene-Lewis Reply Hi,Lisa, I am single and when I do my taxes for 2018,do you still get standard deduction of $12,000.00 in 2018 plus Exemption of $4.050.00 for yourself. Thank You or just $12,000.00 Reply Thank you Lisa Reply Hi Bruce, The personal exemption and dependent exemption of $4,050 is eliminated for 2018, but yes you can get the standard deduction of $12,000 if you are single. TurboTax will ask you simple questions and give you other tax deductions an credits you’re eligible for based on your answers. If you have questions, you can also connect live via one-way video to a TurboTax Live CPA or Enrolled Agent at tax time. Thank you, Lisa Greene-Lewis Reply Thank you Lisa, been using Turbo Tax for long time Where can I go to enter my 2017 return into the 2018 form to see the difference in returns?? Reply Hi Bob, You can use TurboTax TaxCaster which gives you an estimate of your tax liability and gives you a side-by-side comparison of 2017 and 2018. The TurboTax TaxCaster App also tells you what changed in the side-by-side comparison. https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ Thank you, Lisa Greene-Lewis Reply I am 73 year old and still work, I make around 42000.00 per year. My ss is 18156.00 per year, My husband does not work his is 5376 per year and I have a 7 year old and 9 year old and they each get 5376 per year. How much of this is taxable. I pay 4800. per year for insurance on the two girls. Reply My husband is an over the road company truck driver and we have been able to deduct all of his non reimbursed expenses which is everything he needs while on the road. Are you saying we will no longer be able to deduct any expenses? Reply That is correct… all 2% floor deductions on Schedule (A) are history… Reply That’s what I’ve been trying to find out also. No answer as of yet. Reply Regina- there is an answer below from me. I have been taking tax courses this year for my job and am working on one for the Tax Cuts and Jobs Act. You will be deduct expenses just like you always have. (Paragraph 5 ) They only changed the look of the 1040 form and combined 3 into 1. Reply I am also a company over the road truck driver I was told we can no longer deduct perdium, or non reimbursed expenses. Some things are still on Schedule A but not the employee unreimbursed business expenses. That is totally eliminated. What about winning lottery for$ 2,000.00, but I have $2,000.00 amount in losing tickets Reply I notice there are several question o standard deduction for over 65 but no answer would like an answer. Reply Hi Daniel, If you are 65 or over, blind, or disabled you add on $1,600 to the standard deduction if you are single or head of household and $1,300 per person over 65 and over, blind or disabled if you are married filing jointly. Thank you, Lisa Greene-Lewis Hi Lisa, Do I have to be 65 and disabled to claim the extra $1600 deduction married filing jointly? I am disabled but only 60. Thank you. Gary Gambling losses, up to winnings are still there, but you have to exceed the standard deduction to use them. Reply Hi Bruce, You can report your losses up to your winnings if you can claim itemized deductions so your deductions like mortgage interest, property taxes, etc need to be more than the standard deduction($12,000 single and $24,000 married filing jointly). TurboTax will figure out if you are eligible for standard deductions or itemized deductions based on your entries. If you have questions you can connect live via one-way video to our TurboTax Live CPAs or Enrolled Agents to get your questions answered at tax time. Thank you, Lisa Greene-Lewis Reply Thank you for info Thank you Lisa If you itemize you can still claim gambling losses up to the amount of gambling winnings. Reply Lisa, as an independent contractor will I still be filling out Schedule C and using the long form of 1040? Linda Reply Only if they pay you on a 1099-MISC. If you get a W-2 you will file as regular wages. Reply Hi Linda, If your income is reported on a 1099-Misc or 1099-K you will report your income and business expenses on a Schedule C. Your net income or loss still goes on the 1040. TurboTax doesn’t make you know or fill out forms. TurboTax Self-Employed will ask you simple questions about you and your business and give you the deductions and credits you’re eligible based on your entries and will put the information on the correct forms. Thank you, Lisa Greene-Lewis Reply Will the Deluxe version still be sufficient or will I need to buy a different one? As a truck driver, I have always claimed the D.O.T per diem on my taxes each year, and itimize my unreimbursed business expenses. Will this still be available for 2018 Taz year? Reply Yes – they just changed the looks of the 1040 form. You’ll still claim deductions as you always have Reply REGINA BLACK: No ….If the D.O.T. per diem is for a company driver paid on a W2, that deduction and other unreimbursed business expenses are gone starting 2018. Nor can anyone write off union dues, continuing education that does not qualify for education expense at a certified post high school college/job training, etc.(ie conferences and seminars). Nor can teachers write off more than $250 of classroom expenses paid by themselves. Skilled trades cannot write off tools and unreimbursed mileage or other expenses. There is no write off for unreimbursed business expenses for anyone paid on a W2. Only someone with their own business paid on a 1099 Misc. as an independent contractor filing a Schedule C can write off expenses. Not exactly. The 2% misc. deductions are history. Hi Lisa, Previously you stated: “The new tax reform law that was signed into law on December 22, 2017 placed limits the amount of state and local property, income, and sales taxes that can be deducted to $10,000.” “The $10,000 is in aggregate and is the total per tax return. This new law is also for your principal residence and second residence. It would not be for rental property” Could you please clarify your comment above regarding the SALT not being for rental property, specifically in CA. Are you saying there is no limit and SALT’s are fully deductible for rental properties and the $10,000 limitation only applies to principal and second residences? Reply Hi David, Yes, it only applies to your principal and second residence and not rental property. Thank you, Lisa Greene-Lewis Reply Great! Thank you Lisa!! It would be helpful if TT could re-develop TaxCaster to import my 2017 tax forms. I’d pay to use that that! Reply Three times ive asked about head of household and never received an answer Reply Thanks TurboTax…you’re way ahead as usual. Been using you for years and you haven’t disappointed yet…Sheila Reply Thanks for the kind words, Sheila! Reply Standard deduction for joint filers both over 65. Do we still get an additional amount or is 24k the amount for all? Reply You will each get an additional amount ($1,300 each) for being over 65. Reply My husband and I are over 80. We were able to double our personal exemptions in 2017. Is there any provision to cover this loss? Reply IRS Code. My 401K plan coded my withdrawal as a Code # 1, since i’m using an exemption 72T can I change this when I file my taxes or should I call them and have them change the code? Reply I am 69 1/2. Am I still only permitted one distribution per year from my IRA and 401K? Reply The simple answer is no. You were never limited to only one distribution from your IRA/401(k). You must be thinking about roll-overs, some of which are restricted to one per year. Reply Can I as a company truck driver still deduct my meals and expenses ? Doug Grubb ca. Reply I have used turbotax happily and successfully for the past 10 years…. After receiving an email from turbotax, I ordered my 2018 Program on line yesterday using turbotax “pay when you file option”… This was a big mistake on my part.!!! PLEASE CANCEL THE ORDER… I will reorder later this year… The reason for the cancellation is that I filed an extenton for my 2016 taxes in april 2017 and will not file until sep 2017.. when I started to answer all the questions that the 2018 program asked they stated I could not use my email address because someone else also has an account with the same name … I just want to go back where I was 3 days ago…. Right now I can”t open my 2017 program and I can’t log in to my account…. I got myself into this but Please help me get out of it… Looking for a prompt reply…Thanks for your help. .. Ron AZ Reply Are medical expenses deductible? Reply Hi Walter, Yes as long as you itemize your deductions and your medical expenses are over 7.5% of your adjusted gross income. Under the new tax law your deductions like for home mortgage interest, property taxes, etc need to exceed the new standard deduction of $12,000 if you are single, $24,000 married filing jointly in order to itemize. TurboTax will be up to date with the new tax law and will give you the tax deductions and credits your eligible for based on your answers. If you have a question you can also connect live via one-way video to a TurboTax Live CPA or enrolled agent to get your tax questions answered at tax time. Best, Lisa Greene-Lewis Reply Hi. Can a second residence be in BC Canada? We live in California, thanks, Bob Will 2018 social security income be taxed the same as previous years. Reply Yes. Reply Does this mean that I will no longer be able to deduct medical expenses and job related expenses? Reply Hi Jean, You can still deduct medical expenses as long as you can itemize and your medical expenses are over 7.5% of your adjusted gross income. Unreimbursed job related expenses if your are a W-2 employee are no longer deductible under the new law. TurboTax will be up to date with the new tax reform law and will give you the tax deductions and credits you’re eligible for based on your answers. If you have questions you can also connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your questions answered at tax time. Thank you, Lisa Greene-Lewis Reply How much for each dependent you carry on your tax. Reply Hi, The dependent exemption that was $4,050 for each dependent is no longer deductible under the new law, but there are other deductions and credits you can take for your dependent like, the Child Tax Credit that increased to $2,000 per dependent under 17, the Earned Income Tax Credit which can be up to $6,431 with 3 or more kids, and the Child and Dependent Care Credit. Thank you, Lisa Greene-Lewis Reply what will the senior standard deduction be for 2018? Reply By “senior” do you mean 65+? In that case add $1,300 per senior to the standard deduction. Reply Are Financial Planning/Brokerage fees still deductable for 2017/2018 Reply Hi John, The new law suspends all miscellaneous itemized deductions, which includes financial planning and brokerage fees beginning with your 2018 taxes. Thank you, Lisa Greene-Lewis Reply Hello so can we claim our child as a dependent or no? Reply Hi Lea, You can no longer take the dependent exemption of $4,050 per dependent, but you can take other deductions and credits for your dependent like the Child Tax Credit that increased to $2,000, Child and Dependent Care Credit worth up to $1,050 with one child and $2,100 with 2 or more kids, and the Earned Income Tax Credit worth up to $6,431 with 3 or more kids. TurboTax will be up to date with the latest tax laws and will give you the tax deductions and credits you are eligible for. You will also be able to connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered at tax-time. Thank you, Lisa Greene-Lewis Reply What about lottery winnings like 2,000 but I have that amount in losing tickets Is there any change to housing allowances for clergy? I am retired. Has the maximum amount earned before SS pension becomes taxable changed? For 2017, that amount was 25000. Thank you. Reply Will there still be deductions for medical expenses Reply Yes, for those qualified expenses that exceed 7.5% of your AGI. Reply I file single and Itemized, my deductions with property taxes are about 28k, will still be able to itemized and take deductions or what woukd be the limmits using the same numbers? Reply my itemized deductions consist of property taxes, realized lose, donations, medical situations. Reply For 401K withdrawals, is the exemption for the 10% penalty still in effect for Retired Public Safety Officers who retired on or after attaining the age of 50 on distributions before reaching 59.5 yrs old? Reply would i be able to deduct charitable payments anymore? Reply Yes, if you itemize. Reply How will solar credit work on the new 1040? Reply What will be the amount of the standard deduction for individuals/married filing jointly for those over 65 years of age? Reply An additional $1,300 per senior. Reply Has anything been done for the penalty of taxing Social Security Income? Last year if a person earned over 32K, their Social Security was taxable at the current tax rate for their income. The amount of tax will be 85% of the Social Security Income. I was able to find out this lase year. 85% of my Social Security was taxed at 25% because I have some earnings during the year that pushed my total income up. My example is as follows: If a person earn 31.5K including Social Security would not tax my Social Security at all. However if I earned just $1,000 more, I would be paying taxes on 85% of my total security at whatever tax rate I will fall in. That could be a huge penalty. It should be starting at $35K and slowly increase up to a total of $120,000 before the maximum 85% is taken. I havealready written my Congressman about this and have not yet heard a reply. Reply Are there Energy Tax Credits for 2018? Reply Can you deduct medical bills incurred for plastic surgery? Reply My brother died and left me a little over $8K and I wondered if I have to pay taxes on that? Reply I have a specific situation involving drawing social security while working as a W2 employee in the year I turn 66. Is there a CPA I can speak to about this in regards to 2018 tax planning? Reply in 2018 is Social Security income fully taxable? Reply Can I deduct medical expenses and out of pocket premiums in 2018 ? Reply What is the status of preparing Schedule C for individuals. Is there any documentation available for understanding the what is changing regarding schedule C? Reply Why haven’t you answered my questions? I have been a TT users for over ten years, but this lack of response bothers me. Reply If I sell my vacation condo next year will I have to pay capital gains taxes? Reply How will EIC and child tax credit work now? Reply How about foreign income taxes? Up to now, you were able to either take a credit or as a deduction on Sched A on the line for other taxes. Does it fall under the $10000 limit? Reply Will home office and mileage deductions go away if they are unreimbursed employee expenses? Reply YES Valerie Chan, all 2% floor deductions at the bottom of schedule (A) are gone. Reply I have a general question. doing my taxes for last year and when I loaded the app from disk, it did not import my prior year data. Having a schedule C, it is important that everything load. Can you coach me through it with easy instruction? or point me in the right direction, either phone number or email to get help quickly? Reply I work for a railroad and travel several times monthly out of my home terminal and state. Sometimes I am away from home for more than 2 or 3 days. One question is will there be any perdieum or a different tax write off. Reply I have a Schedule K-1, will that be affected? Reply I need to take a withdrawl from my Roth IRA and I am under 59 1/2 and will be filing married but filing separately. I want to take out taxes upfront. How do I calculate my taxes Reply In previous years the electronic version of turbotax did not include the “QCD” for qualified charitable distributions from IRAs and 401Ks, though it was included in the print outs I got on my computer. I talked to the IRS, and they told me that omission is common. Has that omission been corrected. It caused me a huge headache and caused me to not file electronically in recent years. Reply Has employee business expenses been eliminated? From what i see people over 65 will be hurt by these new laws. The new standard deduction amount and elimination of the dependent deduction is less than before. Reply Are there any changes to lines 25 through 35 in Form 1040 for 2018? Reply Would like to know how TT deals with a rental property Reply Will there be any changes to lines 25 through 35 on Form 1040 for 2018? Reply What is standard deduction for SENIORS filing jointly? Reply As you stated above: “The new tax reform law that was signed into law on December 22, 2017 placed limits the amount of state and local property, income, and sales taxes that can be deducted to $10,000.” “The $10,000 is in aggregate and is the total per tax return. This new law is also for your principal residence and second residence. It would not be for rental property” Lisa, please clarify your comment above regarding the SALT not being for rental property, specifically in CA. Are you saying there is no limit and SALT’s are fully deductible for rental properties and the $10,000 limitation only applies to principal and second residences? Thank you, David L Reply How will this affect those of us that have Stocks and Dividends? Reply How does the new tax law affect single parents with one child will they have a higher tax than before? Reply I have a question regarding the new standard deduction. In years past there was an additional amount given to those over 65. Has that been eliminated and the new amount is 24K regardless of age? Reply Hi Bob, The amount for 65 and older, blind, or disabled has not been eliminated. If you are 65 or over, blind, or disabled you get an additional $1,600 added on to the standard deduction if you are single or head of household and $1,300 per person added to the standard deduction if you are married. With TurboTax you don’t need to know these calculations. TurboTax will figure it out for you based on the information you enter. Thank you, Lisa Greene-Lewis Reply What is the standard deduction for Head of Household? What if you file head of household how does that work now? Reply Will I be able to deduct alimony payment under the new tax law? Reply Hi John, If you were already paying alimony prior to 2018, then you are grandfathered in and you can still deduct alimony. If you begin paying alimony in 2018 you will not be able to deduct it since the new tax reform law eliminates the deduction beginning in tax year 2018. Thank you, Lisa Greene-Lewis Reply Are there any other changes to lines 25 through 35 on Form 1040 beside the elimination of the alimony deduction? Thanks. Alimony is granted prior to 2018. What happens if you are taken back to court & it is increased? Then what would happen? Hi Lisa, when can I expect a reply regarding he questions I asked about folks over 65 and blind? It is the next down set of questions “awaiting moderation.” What does that mean? You don’t know the answers yet? Would appreciate information. Thanks. My son lives with us. He turns 17 in October 2018. He does not work. He is in high school full time. How much is the child tax credit for him? Thank you. Reply I’m semi retired and have a part time job. I get my my assignments at home and travel to my assigned location for that day. Each day is a different location. Last year I could deduct my mileage as a non reimbursable expense. Will I still be able to deduct my mileage this year ? Reply has anything been built that allows me to estimate 2018 taxes with all the changes using 2017 information? Reply What is the standard deduction for seniors? Reply I was recently widowed. My husband for many years filed with TurboTax; he was a former Comptroller and CFO at two major steel companies. Unfortunately, his sudden death has derailed me as I don’t have his financial understanding. Do you think TurboTax is for me or should I get a tax attorney? We only have one residence and our income comes from investments. My husband always paid his taxes when we withdrew funds. Reply You do not mention medical expense deductions. Are medical expense deductions available for 2018? I am a longtime user of TurboTax. It you have the wrong email address. Reply TurboTaxLisa, Great information. On the 2018 tax deductions are Gaming Wins still deductible up to the limit if you qualify for itemizing. For instance if you win $30,000 but lost $40,000 can you still write off the $30,000 as in the past? Reply Is there still an extra exemption for being over 65? Reply Are there going to be any changes in 401k deduction taxes? Also in Capital Gains tax? Thank you so much! : ) Reply Hi Lisa…do you have any answer for my question? Thank you! Reply Can I deduct charitable giving? Reply If my sole income is Social Security, do I have to pay taxes on that? Reply Is the extra exemption for taxpayers over 65 still available? Reply I am a married filing jointly multiply handicapped and claimed $20,526 medical deduction in 2017, in addition to my other tax deductions. Will any of this be deductible in 2018? Reply what about medical expense deductions Reply how is social security taxed? Reply Is it possible to do a mid-year “test” return to see how i am tracking for the year-end? I don’t want to get to the end of the year and find out i owe a lot because our withholdings were automatically adjusted down at the beginning of the year due to the changes in the tax tables. Reply Based on everything I’ve read so far, it appears that the new Fed standard Deduction will exceed our itemized deductions. If so, can we still itemize for New York State, assuming that it exceeds the NYS standard deduction. Thanks for your advice. Reply Can you provide the new Standard Deduction for other filing types such as Head of Household, Married- Separated Head of Household, etc. Reply I am married and have one college student. Will I be able to get the American opportunities tax credit or will I only get it if my deductions exceed $24,000? Reply I’m trying to estimate and pay Fed Taxes each quarter. As a retired couple how is the Fed Tax computed on Social Security Benefits? Reply I am retired but have to work part time to maintain a residence in Maryland. My income is just over the limit for a married couple. Will Social Security continue to be taxed in 2018. Reply I just received life insurance proceeds upon the death of a son. Is such taxable and should I prepay some toward next years taxes? Reply How are the deductibles for rental properties affected? Will you be able to still deduct property taxes as a separate line item different from your primary and secondary properties? Are there other deductions affected with rentals? Reply Federal tax law is at least manageable but the changes in MD are significant. Are there are any apps to estimate the MD state tax? Reply Hi Lisa, did the new tax law remove the AMT tax and the net investment income tax? Reply I heard that a special senior 1040 is in the works, what have you heard concerning this form? Reply My divorce was finalized last month. Do I need to file anything with the IRS to alert them or would I just wait until I file in 2019? Thank you. Reply If you just have social security disability do you still have to file? No other income. Reply For charitable tax donations how does this work now? I’ve been told that they won’t help me this year. Reply Are medical expenses deductible under the new tax law? Reply Lisa, you are fabulous to answer everyone’s questions so clearly! Reply Thank you, Carla! Reply In 2018 will investment advisory expenses be deductible? I use a financial planner and saw nothing in your TurboTax TaxCaster that related to those expenses when inputting data for 2017. That being the case, your grossly underestimated my total tax bill (line 63), or overestimate the amount owe (line 73). That being the case, I don’t believe the TaxCaster calculations for 2018. By the way, I could not get to this blog after I logged into my TurboTax account. All I got was pages that wanted to sell me a product and did not have a link to this blog. Reply I am planning to take a trip to another state to take an accredited course that will greatly benefit my job. Is it possible to take a deduction for the class and traveling expenses? Reply I am a work from home person ,What impact will The new tax laws have on deductions that was allowed in 2017? For example home office expenses . Reply I have an existing home equity loan, will I still be able to deduct the interest with the new Tax Code? Thanks Reply I drive for Uber and Lyft. In years past I deducted mileage. Will I be able to continue deducting mileage or is that part of the new $24,000.00 standard deduction for a couple? Reply For 401K withdrawals, is the exemption for the 10% penalty still in effect for Retired Public Safety Officers who retired on or after attaining the age of 50 on distributions before reaching 59.5 yrs old? Reply If a married couple files separately, do they both get the $10,000 deduction? Reply Can I deduct my 90 year old mother still as a dependent? (She is now full time in a nursing home since the end of 2017. I’ve claimed her when she lived under my roof.) Reply In 2018, will I still be able to deduct charitable contributions that are made in the form of non-cash items (such as clothes, household items, etc.), as was possible before the tax reform law? For example, for the 2018 tax season, can I still deduct the market value for clothes and household items donated to Goodwill? Reply Can I use this form, if I have a spouse who passed away in January of this year, or do I need something else? Reply Is the interest from Home Equity line of credits still deductible under the new law? Reply What happens to the Head of Household classification? Reply My spouse passed away at the end of July. Would I still file a joint form for this year? Reply If you receive settlement money from the Employer (Federal Government agency) due to EEO complaint, is this money taxable or not? Thanks. Reply Have any medical deductions been eliminated? Reply under the new tax laws, is it not worth having charitable deductions unless you are over your the standard deduction? Reply Will be using taxcaster program to see impact of new tax law. Reply So as I understand it, I can not use any deductions for my rental property? Steve Jenkins Reply Are medical expenses deductible? Reply Will Turbo Tax include IRS Form 709, in this tax year? Reply I take it that elderly exemption is gone. Reply Are there still deductions for health insurance and medical expenses? Gordon Sorensen Augest 5, 2018 Reply Hi Lisa, i am filing single, head of household with my father as my dependent, he just passed away a few days ago. What can you advise me, so that I can still get my money back, thank you Reply What are the new laws affecting tax deductions for interest paid on Home Equity 2nd mortgages. Reply How do the new laws impact those who run a business using a home office (no inventory)? Reply Please explain the private high school tax deduction of $10,000. Our daughter will be an 11th grader and this deductions will be an enormous help. Thank you. Reply Will state sales tax still be a deductible item in Texas? Reply Can I make a Qualified Charitable Deduction QCD gift from my IRA (I am 72) to a donor advised fund? Reply Are medical expenses still deductible under the new tax law? If so, at what percent? Reply COUPLE FILING JOINTLY. STSNDARD DEDUCTION IS $24000.0. HOW ABOUT BOTH ARE ABOVE 65 YEARS OR OLDER. IS IT $24000 OR $26600? VAN YOU REPLY. THANK YOU Reply When will tax forms be available? My mother in law’s estate can’t be settled until taxes are filed( she only lived one month in 2018) Reply Have personal exemptions been eliminated? Reply I have turned 70 in 2018, i am aware i need to withdrawal from my 401K and IRA. Do i need to withdrawal from both accounts or is there a standard amount to withdrawal? Reply Will health care insurance payments, Long Term Care payments and generally what was previously deducible along with Medicare health continue to be deducible. I average $25,000 a year between my wife and it has been significant in itemization filing for us. Reply What about HELOC interest..still a deduction in 2018? Reply What is happening with parsonage allowances? Reply Can you provide a actual summary of the changes to help with tax planning? All these questions are a result of your lack of actual information on the tax changes. Reply Will rental income qualify for the 20% business deduction? Reply My husband is in a union and works out of town quite a lot. Will he be able to write off his travel expenses as itemized deductions? He does NOT get any reimbursement from his employers. Will he be able to use the standard federal per diem rate? Reply I have a long-term capital loss from the sale of investment property. Will the $3,000 LTCL still be available on the new 1949? Helen Reply Will Schedule E (Form 1040) still be included? Reply I thought I read that the standard deduction for taxpayers over 65 is $26,600. Is that correct? Reply why did you not list that,medical expenses and donations are still part of Itemized deductions;? You listed only home mortgage interest, interest on home credit loans, property taxes, and some local and state taxes. Reply With the new tax laws will people like me raising are grandchildren(s) be able to get the the child tax credit, I’ve never been able to get this since I’ve had them last 9 years (I have full custody of them) because I have no taxable income (disablty from Veterns Affairs, and Social security) ? Reply TurboTaxLisa, you’ve done an outstanding job answering all of these questions. Just wanted to throw some props your way. Reply You need to clarify: 1) There are no longer any “exemptions” and 2) there are increments in the standard deduction amount for anyone above the age of 65. Reply I overestimated my 2017 state income tax and claimed whole amount on my 2017 Federal income tax return itemized deductions. Will the refund received in 2018 be taxable on my 2018 federal income tax return? Reply How will contributions of goods be handled? I am downsizing and will have a lot of contributions of goods. I normally take pictures, get a receipt from the charity and use Turbo Tax to estimate the amount the item is worth. Reply Will Turbo Tax tell me the impact the new law has on me by comparing what my taxes would have been had the new law not passed to what they are now using the new regulations? Reply Any idea how this will impact State taxes (Maryland, for example). I won’t be able to itemize next year because of the $10k limit and will use the standard $24K deduction. This is less than I used to be able to itemize. For federal taxes it comes out about the same with the lowered bracket percentages. But for state, my taxable income is going to appear to be higher and my taxes will likely be going up. Reply Hi any changes regarding mandatory disbursement’s from IRA and taxes when turning 701/2 thanx Reply Any changes in capital gain on sale of home and not purchase another Reply I’m still confused. You told Maria the $10,000 limit on property tax deductions was “in the aggregate”(which I interpret as including rental property taxes) and you said that included a principal residence and second home, but then added that rental property was not included under the new law. So rental property tax deductions are or are not still allowed. Reply What are the changes for rental property. I own a two unit. I plan to do some major improvements of $15,000 or so. Will these still be handle as in the past? Reply Can medical expenses be itemized ? Reply What about medical deductions, mileage to and from doctors, non-prescription, doctor-ordered medicines, medically necessary devices not made for by Medicare/Medicaid, etc? I do not own property, but spend a large chunk of my Social Security Disability on such items. These were always deductable and gave me a modest refund every year. Are medical costs, co-pays, etc, no longer deductable? Reply where do you enter real property income and expenses in tax calculator Reply Question. With an adult child who is unable to work but not yet on ssi, will there be a deduction for her care? Thanks. Reply Hi Lisa, What is the formula to figure out house depreciation if you have a rental? I think it was between line 18-21. I wasn’t able to figure this out. Thank you, Lisa Reply I find the Turbo tax form for Missouri, has the question for receiving social security, or not, reversed from the Missouri tax form, which has been causing confusion the last two years. Reply Mississippi DOR website indicates you can deduct the standard deduction on your 1040, but still deduct all your itemized deductions minus state income on the Mississippi state income tax return. They say use the Federal Scedule A as a worksheet. Will Turbo Tax handle that automatically. Glad to see that did not change, sincer their Standard deduction is less than $5,000 for married couple. Reply Does the standard deduction increase for taxpayers 65 and over and for blind people as well and if so how much? Reply Comments are great, but I have one question I did not see asked. Are the deductions for medical still aiiowed: like premiums for insurance: etc? Reply Is child day care still deductible? Reply What about self employment deductions? Are still,able to deduct the expenses from the gross profit? Reply What are the changes when you sell your home? Reply I have been filing ‘married filing separately’ since our separation. Now, I heard I can file ‘married filing jointly” even when I am still living in my own residence. Is this true and is there any negative consequences? Reply If you rent out part of your home, how does that impact the $10,000 limit on property taxes and mortgage interest? If the house were fully leased and not partly owner-occupied, all the taxes and interest would be deductible (with certain limits regarding passive income). Reply Will the deduction for “born before January 2,1953” for the elderly still be an option, which increases the standard deduction amount? Reply We have been using Turbo Tax Home and Business because of self-employment (1099) income. And, we are paying estimated taxes. If, though, we qualify for the Standard Deduction, will it be necessary to use Home & Business or can we use a lower version? Reply Does it include the deduction for your after-tax Health Savings Account? Reply Are there any changes to small business deductions and itemization, specifically for sole propriatership. Reply Will Turbo Tax have an updated 2018 tax year “estimator” before the end of this tax year AND if so by when? I want to estimate my taxes under the changes made by Congress and the IRS – IRC. Reply Did the new tax laws change capital gains on selling a house or anything associated to selling a house? Reply Will there still be a Turbotax Premier and Turbotax Business and are they affected by the new tax law. Reply How will Schedule C change? Reply how does the new tax law treat advisory fees from an investment advisor? Reply Are Medical Premiums and other medical costs deductible including some costs for living in a Continuing Care Retirement Community (CCR)? Reply Can I still deduct a portion of my advisor fee for my IRA account? Reply I sold my home and am wondering about deductions for capital gains. I am purchasing a home in Mexico as my primary residence. Is this deductible from my profit from the sale of my home in the US? Reply Will TurboTax provide a tool to calculate what my 2018 taxes will look like with the new tax law? Reply Does it change for stocks and dividends? How do we report capital gains? Reply My husband died in May this year, 2018. Do I file married/jointly or as a single this year Reply We have very high medical expenses, like premiums and doctor bills, are they going to be deductible under the new tax code? Reply How will health insurance costs be deducted for the self-employed? Reply Question to the TurboTax Experts, Are “Home Equity Loans” going to be deductibles (the Interest) on next year taxes? Reply Will there be a 1040 SR? If so can you still itemize using 1040 SR Reply I will have a net operating loss in 2018, the result of the sale of an investment property. I worked out the details using the regulations before the tax changes. Are there any changes I should be aware of, as I should not need any estimated payments as the loss will offset income. Thank you. Reply How about the deduction for using a private car for business. Virtually all home health staff from MD to CNA needs these deductions. And there are others too who need this deduction . Reply I have investment income, as well as business income and deductions. What forms will I need to use and how will Turbo Tax help? Reply So we are eliminating the use of 2 forms…1040EZ & 1040A but adding 6 more forms to accommodate the change? Sounds like progress to me! Reply Will there be any changes to lines 25 through 35 on Form 1040 for the tax year 2018? Reply Great email I like questions and responses!! Don H Reply Will you be able to take deductions for charitable contributions to Goodwill or other organizations that accept gently used goods? Reply In prior years there was a $25000 pension deduction allowance for social security, subject to other income earned. Has that allowance disappeared? Reply Will medical expenses still be deductible if itemizing? Reply Will we still be able to deduct investment management fees for the tax year 2018? Reply In previous years those over 65 and or blind received an extra deduction. Has this been eliminated? Reply I’ve been using turbo tax for a couple of years for my personal taxes, but I’ve recently started an llc while still maintaining my position at my payroll job. My question is which TurboTax should I switch to Reply I started a sole proprietorship solely owned by me this year. How do my husband and I file? We normally file jointly. Which turbotax version do i purchase? Reply Does the new law do away with the moving expense deduction? Reply What happens to folks who are self-employed and have been using Schedule E? Has that gone away? Where will we enter business income and expenses? Reply Good Morning Lisa, In regard to the new (and improved …) standard deduction, will there be a higher amount (that is above the $24,000.00 …) for those of us over 70 ? If I remember correctly, the old standard deduction of $12,000.00 (or so) went up to $15,000.00 (or so). Look forward to receiving your reply and thank you !! Reply In TurboTax Deluxe 2017, does the tax planning flow (W4) take into account the new changes in Tax law (e.g., greater standard deduction, limitation of deduction of taxes on Schedule A, etc)? I want to make sure that my withholding is correct for this year. Reply Do you have a new easy form for retirees? Reply I thought interest on a Home Equity Line of Credit was eliminated? Reply when will you produce an estimating tool so that people can adjust their withholdings? I know that many companies have according to formula for their employees. there are millions of us out there that need something to calculate the new tax law impact. Many are retirees, independent contractors, etc. You are missing an opportunity. Reply Will the new 2018 Turbo Tax program work on my MAC with the OS X El Capitan Version 10.11.6? Reply How will this affect small home businesses? Reply I am interested in doing a mock return for 2018, so I can determine how much I can take out of my IRA, without a significant tax consequence. Is such a tool available from Turbo Tax? Reply I own a home with my partner we share 50/50 deductions for mortgage interest and property taxes. I also own a townhome with my daughter because of her financial situation. We both are in the mortgage. She has no income I pay the property taxes and insurance. This taxes would be more than the tax I claim on my property I own with my partner. Can I claim the taxes on the townhome instead? Reply If using IPad next year, is there a way to connect previous year(s) computer stored TT to generate the boiler plate information ? Reply My main issue from last year was the inability to see the actual tax form as well as following the program question and fill in-areas. This used to be available. Reply Why do you not have a web site you can use for a desktop? That is what I need. Reply Upon further review of my last two returns, I notice that there is a age question on line 23a. Could this have affected the value of my standard deduction, and if so, will there be a similar age question on the 20181040 form? Reply I presume those of us with a business (pass-thru) and other deductions will have to do a “deduction” version of Turbo Tax and then see if we are under or over the standard deduction figure, right? Or is there a a shortcut? Reply Are medical expenses deductible Reply Will a version of TurboTax for tax year 2018 be usable on a MacBook Air upgraded to High Sierra OS? Reply Do you know the impacts of new law on State Income returns.Some States,like Louisiana use some of the Federal data to determine State taxes. For example, some of itemized deductions are used to lower your State tax. If I use the new $24000 deduction, will my state tax go up? Reply How does turbo tax compute when you work a partial revenue year, and the remainder you collect social security. Reply How does this simplify things when you the tax law requires the addition of 6 more schedules ? How stupid ! Just because the three 1040 firms are consolidated doesn’t simply things if it requires the addition of 6 schedules !!! Reply What is the new deduction allowed for dependent children? Reply I just looked at my 2017 tax return generated with TurboTax and my standard deduction was $15,200 and my personal exemption was (for 2) $8100. I filed as married filing jointly with my wife and I taking personal exemptions. This adds up to $23,300. If all of this is being replaced by a standard deduction of $24000, I save a whooping $700! What a scam! And why was my calculated standard deduction $15,200 when you keep reporting that last year’s standard deduction was $12,700? Reply I have been using TurboTax since 1996. Are the prices known for the various products for 2018? Reply What about donations to schools, athletics and churches Reply Does the new law make any changes to the way social security income is taxed? Reply I was reading about changes in taxes on capital gains. Based on having a much lower income (we are both retired and only one of us is collecting Social Security at this time) I am thinking I may not have to pay any taxes on my long or short term capital gains. Do you know what these new limits on income are that impact taxes on capital gains? Reply I am confused. Can we still deduct Medical expenses, medical insurance premiums, Long Term Care Premiums, as well as state sales tax. Al Kissling Reply So if my mortgage interest is lets say, 21,000 a year. My property taxes 6000, state taxes 10,000 and charitable 8,000? I can itemize A. 21,000 mort int. + 10,000 for property, state (max) plus charitable for a total of $39,000. Or, B. 10,000 mort int, prop taxes 6000, state tax 10,000 (max) are all inc in max 10,000?plus charitable of 8,000 Which would mean I use the 24,000 + 8,000 charitable for a total of $32,000? Reply I am on Social Security how does effect me. Reply Can you still deduct health expense? What about health insurance? Reply Will interest on second mortgages still be a deduction Reply What about folks 65 and older? My understanding is the standard deduction is increasing to $13,500. Please address. Reply Is there still a child deduction? If so did it go up? Reply Hi Lisa, What product should I use for working in multiple states CT, DE, VA, MD for my 2018 tax return and will I have to file them by mail or can I e-file them? Thanks, Ed Hawes Reply Will medical expenses still be deductible? Reply Hi Lisa. I am small busness owner and I believe I qualify for the “pass through” deduction, however I have employees. The calculations are quite complicated. Will Turbo Tax for business be able to calculate the proper metrics? I have used Turbo Tax for over 20 years and depend on it for my business! Clark Reply Are transportation workers…Airline pilots and flight attendants still able to deduct their travel expenses?? Overseas traveler here. Reply Currently, dividends are not taxable if you are in the 15% tax bracket. Does that continue? Also, have there been any changes to the amount of social security income that is taxable? Reply What about the exemptions for folks over 65 (retired)? And those who are legally blind? Those exemptions no longer apply? Now, the old folks in retirement only get the double exemption like a 30-something married couple who are still working and get a paycheck? Reply I have a child who needs tutoring to help her with her Dyslexia and ADHD. How do I deduct this from my taxes and what documentation do I need to do so. Reply If I used Premier in the past for investment earnings or gain/loss on sale of investments, which version will I need for 2918? Reply I see this situation happening for me. I live in Arkansas and I believe that I will benefit from itemizing on my State Tax Return but will not have more than 24,000 in deductions for the federal return. Will Turbo Tax recognize this and file my returns accordingly. I have used Turbo Tax for many years. Reply I don’t feel very good about the constant updates I still get every-time I open TurboTax, even still get them after April 15. TurboTax may be ready but the Feds and States must not be! I always feel that if I allow the updates then you will change my return I filed back in Feburary. Why can’t the IRS get things right or at least wait to make changes? Reply I became a widow in Aug 2017, how will that affect my filing, I will still have stock and bonds Reply I’ve heard rumors of deducted mileage changing this year. Is there any truth in that? Reply if I used the standard deductions last year and everything else remains the same will my taxes reduce and by how much if my tax rate was 25 percent? Reply For 2017 I could not download my info from TD Ameritrade Institutional – when I logged in to get the info, TD Ameritrade didn’t recognize me because I’m with their Insitutional segment (password doesn’t work at the TD Ameritrade website). Will you add the “Institutional” segment for 2018 to make it possible to download the info rather than doing it all manually? Reply This upcoming Tax Time 2017 is in Feb 2018. so… 1.yes ,We should keep our “Donations to Charity” forms to be able to claim their value toward a refund as a home owner at this upcoming tax time, or… 2. No, We are not able to deduct our “Donations to Charity” and there is no need to collect forms to be able to claim their value toward a refund as a home owner. Reply Turbotax Lisa – thank you for your excellent and informative replies! Reply Is there’s limit on charitable contribution? Reply Is there a credit for elderly? Reply Does the new tax changes eliminate the taxing of the Seniors Social Security income i.e. old form line 20a/20b? Reply My wife has been receiving disability payments from her employer since 2016. They also had her apply to Social Security for the disability payments. Social security finally granted her the disability payments retroactive to 2016, but she had to repay most of that to her employer. Will one of the TurboTax products help us with that return do we only have to pay taxes on her portion from Dovisl Security she did not have to repay to her employer? Reply Will Social Security benefits be treated the same under new tax code Reply Above you say that one can deduct interest on home equity loan if used for home improvement. Does this remain true? I thought home equity interest was not going to be deductible. Reply can i deduct interest for a home equity loan that was used as a down payment for my rental property? Reply Will deductions for 2nd mortgages still apply to 2018 and beyond? Reply I’m retired and could basically use the simple IRS Tele-file, except for a legacy HSA account (old HSA from previous years Health Insurance choice). My question is, do I still need to file a long, unnecessary, 1040 because of this old HSA account that I still have ? Reply nobody asked about medical is it still the excess of 7.5% of your total income Reply Do we still need to bother with entering information from K-1 Forms on the new tax returns ? Sometimes entering these forms is complex and it takes a lot of time until the companies come out with them. Sometimes as late as end of March Reply What is the situation for real estate taxes on a home rented by relatives? Reply As a Clergy did they new law make any changes to the housing allowance exemption? Reply Is there still a deduction for alimony payments? Reply I have a suggestion, link Taxcaster to Turbotax 2017 to quickly see what our 2018 tax liability might be. Make it easier on Turbotax users. Reply I am 71 and getting social security…Is ss tax at the full amount or 85% as in previous years Reply Im a self employed senior fitness instructor with a number of expenses. Certifications, trainings, business licenses, education, mileage, promotional, class expenses….can i still deduct all that? Reply How does the new tax law effect retirees over 65. Does our standard deduction go up to $26,500 or does it stay at $ 24,000 Reply Are IRA contributions included in the standard deduction or are they in addition to that deduction? Reply As an employee with a 1040 who is in outside sales are these deductions still available My wife is a 1099 employee but also has traveling expenses What are the diffeences Reply Great q&a Reply In one of the questions it was stated that the 2017 standard deduction was 12,700. In the Turbo Tax work sheet, it indicated that 2017 standard deduction was 15,200. What was the work sheet referring to? Reply I have been using Turbo Tax a long time. I am a senior citizen and concerned about paying extra taxes. I get Social Security and a state retirement, but would like to do a little part time job from time to time. I have had to stop doing any of these little extra jobs because even working a month in a year puts me in a different tax bracket. I can’t afford this! Will this new tax law help me in any way? Reply If spouse died in April can I file married filing single reasons step children want half? Reply Given that I’m married and retired, relatively few deductions (houses are paid off, etc), do I even need to list them if I’m going to default to the new standard deduction. My SALT is about $10k, but given it’s less than the new standard deduction, does it even need to the included in my tax forms. Also are Charitable deductions inside or out of the Standard deduction umbrella? Reply If you have a rental property and a couple vacation homes. What can I discount? Reply I am wondering how the new tax laws will effect my VA taxes. Reply Thanks for answers on the updated 2018 taxes. Reply Will The new tax law changes reduce or eliminate the existing personal exemption of $4,050 per person? Reply Hi Lisa, I had 19k in itemized deductions last year and filed married joint. I am approximating the same this year and it appears the standard deduction will now be higher and will be my choice for 2018. Will the standard deduction increase to 24k increase my refund? With itemized last year my federal refund was 4k and my filing is basically the same. Thanks, Dan Reply What are the changes to the Medical deduction? Reply We have just sold our house – can you explain about capital gains and how that works? Thanks. Reply Are charitable deductions still good? Reply Will alimony payments still be a deduction? Reply I am a historian and want to donate a collection of art, and collection of historical items to a museum. Will this be deductible as a gift or shall I just loan the items to the museum? Reply Am I correct in understanding that if I opt for the Standard Deduction, medical expenses, charitable donations, and property tax deductions will not be used? Reply Can I still write off expenses related to my job in construction? Previously I was able to write off tools, mileage, and union dues. Reply Can we deduct our medical costs and how will California taxes be affected as California has used the federal tax return to calculate state taxes. Reply Will truck drivers still be able to claim per diem under the D.OT. rates? And unreimbursed business expenses on an itemized return? Reply My husband and i pay for our health insurance and drug plan and we are hoping we will still be able to use the medical deduction on our taxes. Do you know yet if we will be allowed that deduction? Reply I’m worried how the new federal tax laws will affect my state tax liability. I currently itemize but may not be able to which my CPA said would cause me to have a higher state tax liability. No one mentions that part. Reply How’s a home equity loan going to work for deductions? Reply what about the Schedule C and self employment taxes & deductions? Reply What about people who own a duplex and rent out the other half has anything changed with that? I happen to make some home improvements on the renters side will i still be able to write that off or has that moved up or down on how much i can put into the place? Reply My wife is 68 and I am 67. I understand that we might be able to take personal deductions based upon our age. But, is there a maximum Adjusted Gross Income over which we no longer can take the deduction, and if there is, what is that maximum? Thank you. Reply I used my home equity line of credit for home improvements two or three years ago, but I am still paying on it. Will I be able to deduct the interest? Probably have lost receipts Reply If I am self-employed and file a Schedule C will I be using the new 1040 or is the old one still used for that purpose? Reply For the last five years, i filed my taxes by using turbo tax. My wife has an ira and 403 b retirement funds. Two years ago, she started to withdraw funds. But instead of doing from each type of funds, she used only Ira funds. Now we learned she had to do it by type of funds resulting in an extra withdraw of funds than necessary. Given that irs requires to withdraw funds by type, your software should provide that instructions. Reply Sold a second home property in July, tax year 2018 (long term). We pay quarterly estimated taxes — how can we estimate the tax due in September so we are spared any penalty when filing. Reply Will medical & dental expenses such as insurance premiums, high deductibles, co-pays, etc. still be deductible for 2018? Reply I tried the taxcaster using my estimated 2018 income to see effect in 2017 vs 2018 if new tax law helps me or not. While it says it does have me paying less federal taxes in 2018, it is not true because too many deductions you didn’t ask about that were permitted in 2017 that went away. E.g. have really big investment advisory costs and other deductions that were permissible in 2017 and not 2018. I know for a fact that I will be paying more. I do think you could have had added more topics around deductions in your model to be more accurate. But having said that for people with pretty simple returns it’s good. Reply Are there any changes to the foreign earned income exclusion? Reply Did the standard deduction go higher than $24, 000 for married couples over 65? Reply Any chance Intuit will make TurboTax available sooner this year to allow time to digest the changes? Reply Will people who get a 1099-Misc be able to use the new form? Reply Have not been as charitable this year as I have been in past years because of restrictions on the deductible amount. Also having extraordinary medical expenses this year which would of been over the 7% of income in past years. Is my thinking wrong in assuming that neither one will help me for deductions as they are now “incorporated” in the increased standard deduction? If not, what are the parameters so I can be more chartable and receive deductible benefits and also on the medical deductions. Reply What are changes for retirees on social security as in % taxable, Reply Will you still be able to deduct your gambling losses against your gambling winnings? Reply So upset with the new tax return in that the business expenses have been discontinued. That’s totally going to hurt us. Reply For some reason taxCaster will not fully install on my Samsung s7 edge. Once it seems to install , there is no icon, and my only choice is to uninstall. Is there tech support? Reply Can you still take medical deductions? Reply HOW soon will TurboTax for 2018 be available ???? Reply Hi Lisa, I’m a long-time TurboTax user, however 2018 tax year will introduce many new considerations and I wanted to see if TT has a place to address them, or not (in which case, I would hire a CPA). 1: My wife and I both work, We have the standard deduction of Prop Tax Interest. But I’m now collecting one of my pensions, and I have to pay tax on that amount. Is there a spot to address this issue? Also, I took the full sum of one of my Whole Life Insurance policies (about $18,000) and I have to pay tax on the principal, but I have no way of making that determination. Does TT address this situation? Thanks for all your help. Reply Are medical expenses still a deduction? Reply What about medical deductions for those of us over age 65? Reply Can you still take medical expenses deductions Reply I have a very small art business I have itemized for about 15 years. My sales are typically low anywhere from 50. to 1000. for the entire year. If all of my deductions add up to less than 12,000. do I still take the standard deduction? Also, can we still itemize medical deductions for office visits, drugs, glasses and medical and long term care insurance? Reply Will there still be the increased standard deduction for people over 65? If so, what will it be? Reply It was mentioned that rental property taxes cannot be deducted? Can you still deduct it as a business rental property expense? Reply Hi Lisa, I was under the impression that you could no longer deduct home equity line of credit interest. But this email from TurboTax says that you can. Would you please clarify. Thank you. Gary and Donna Reply if my total itemized deductions were up to 28k including 14k in property taxes, what will be my limit? Reply In all of the questions/replies there is no mention of medical expense deductions? For many seniors this would be one of the top questions I think. And one of the bigger expenses. Reply Hi, do the new laws prohibit claiming a travel trailer as a second home? I heard they added it back for other types of RVs, boats, etc., but travel trailers were for some reason left out. I’m not sure where that was left. Reply With the personal exemption of $4050 gone and the standard deduction increased to $24,000. It appears to me than any family filing jointly with more than three children are paying more taxes Large families 5 or 6 children or more are paying more taxes. Am l correct? Reply Is there a way to use TurboTax to estimate taxes using the new tax law to check if withholdings are on target? Reply As a teacher, there were several expenses I once was allowed to deduct. Is it possible to consider some of these expenses as donations to my classroom? Also, how do I determine if I need to change the number of exemptions on my W2 so that I won’t owe money to the government in April? Reply It is my understanding the Interest paid on Line of Credit Loans secured by your residence are no longer deductible. Does this apply to all LOC loans are just the originated in 2018 or later? Reply Will we still be able to deduct interest from 2nd mortgage/line of credit? Reply Are gambling losses still deductible? Reply in 2018 can Investment Advisory Fees still be deducted on Schedule A? Reply I have lottery winnings and losing tickets to cover my winnings, what Turbo tax would I use and that all I have being single and no other deductions Reply Will there still be form 2106, for employee expenses? Thanks Ralph Reply Will we be able to itemize and deduct medical expenses on the new tax forms? Reply If you have a small business are the tax deductions still the same as lest year. Reply We own a ranch. What changes are there to the farm & ranch form and deductions for expenses? Thanks. Reply Which version of Turbo tax will I need to claim cattle breeding profit and loss? Reply It was my understanding that interest on a home equity loan was not going to be deductible with the law change. Is that not correct? Reply What about itemized deductions for DOT/transportation employees. Is there still a deduction for per diem expenses, away from home meals, etc? Reply i tried the tax caster but did not finish. Is there a way for taxcaster to read in my turbo tax info from the 2017 turbotax file so i donot have to work thru it? I feel like I am re-entering all the same info that is available already. Reply I understand that you may still deduct interest paid on equity loans provided the money is use solely to upgrade the home and property. Reply Will TurboTax finally be able to handle 2 primary residences? Reply Can you still deduct expenses for children under the age of 18? expenses like day care. Reply I itemize and I’m a W2 employee. Normally I have ~ $12000 in charitable deductions and $15000 in non-reimbursable business deductions. I have no mortgage expenses but do have property taxes. Will I still be able to claim these deductions or will the higher standard deduction eliminate theses deductions? Single and AGi ~ $200,000 Reply Is there any computer software upgrades for Mac users running OS X El Capitan ver: 10.11.6 To use the new Turbo Tax software? Reply I thought Equity interest was no longer deductible, but it is specifically referenced in the article. Can you clarify? Reply When will I be able to buy Turbo Tax early enough in the year to enter data as the year progresses? This is something that would be very valuable, a capability always ignored by your company. Instead of loading spyware into our computers as your software wizzards did in the past, please provide the option for a much more valuable product that can be used in real time to Reply Will the EITC be handled with the new tax forms the same as before? Reply Does the new tax law do away with the miscellaneous itemized deductions subject to 2% of AGI such as investment fee expenses? Reply assuming you do not have enough deductions to itemize, what other deductions or credits will be available that are not included in the new 24,000 standard deduction? Reply I am married and have very much more income than my wife. From my income i have a lot more decoctions than the $12,000 for a person filling individually. My wife has very few deductions from her income, although our combined deductions are less than the $24000 for married filing jointly. Can we each file individually and each claim our own deductions rather than filling jointly? I think if we can we can possibly pay less taxes. Reply Will you still be able to deduct employee expenses such as union dues, tools or equipment? Reply Will the child tax credit be limited to three kids? Reply Have you developed a tool where we can enter our (2018) estimated income by category and deductions so that we can see whether we will be itemizing or not come early next year. I am keeping all the normal records this year but don’t know if that is a waste of time for the deductions given the new standard deduction and changes. Thanks Reply Very helpful; didn’t realize TaxCaster existed. Reply Any change in Taxes on LTCG or Qualified Dividends? Reply I’m 82 and my wife is 79. Under the new tax plan will a portion of our social security payments continue to be taxed? Reply What about the over 65 standard deduction. Did the extra amount go away? Reply What is the tax for people who are on Social Security? Is Social Security stilltaxed at 80 percent? Reply My spouse passed away last month. I assume I will still file a “Married, Filing Jointly” return? How will his death affect the standard deduction if that’s the way I decide to go? Reply Is there an additional deduction allowed for senior citizens besides the standard deduction? Reply After you’ve entered your deductions, I assume taxcaster will use the greater of either the itemized number or the standard deduction. Will there be a tax Caster that take state taxes into account? If standard deduction is used on the federal return then the standard deduction must also be used on the state return. This may cause state taxes to be a lot more. Taxcaster needs to show results of total federal and state tax under various scenarios. Reply Are medical expenses still an itemized deduction? Reply I noticed that you did not answer the question about deducting charitable donations. Please answer. Reply I will have online business start-up costs and little to no profit for 2018. I didn’t see any mention of Schedule C. Have there been any changes I need to be aware of? Reply Any changes for couples with a rental property? Reply What about the child tax credit, did that go up? Reply any changes with 2106 expenses? Reply Lisa, did they get rid of the working away from home deductions/ travel expenses incurred with a temporary work assignment away from home? Reply What all previous deductions are being done away with under this new tax law? Are there any new ones being added? Reply on the property tax subject this only applies to the home i have four commercial investment buildings the pro tax would still be deductible as an expence like interest on the loans Reply Did they remove the deductions for foster children that are in your home over a hundred eighty days and children you adopt. Reply I’m a single parent who has claimed head of household in past returns. Will I have to file as a single person this year? I’m trying to anticipate how the new tax code will affect me and prepare financially. I’m sure it’s not in my favor. Reply Will you still be able to file head of household? What kind of deductions do you get for your children? Reply Are HSA contributions handled the same? Will we be able to use the new short form? Reply Are there still deductions for medical. If so what is the threshold Reply I’m confused about the deductibility of home equity interest. Years ago, the home equity loan had to be for home improvement. Then that requirement was dropped. Is it back in place now? Reply will u still be able to deduct sales tax? Reply If I rent my house out for two weeks can I still treat the rental income as not taxable? Cliff Reply Is there a change to TurboTax for use with Apple computers this year? Reply Did the personal exemption and exemption for the elderly go away? Reply Will I still be able to deduct medical expenses? Reply Hi Lisa, On your post July 23, 2018 at 11:33 am to Maria regarding “Is the $10,000 total per property or total per household?”, you responded: “The $10,000 is in aggregate and is the total per tax return. This new law is also for your principal residence and second residence. It would not be for rental property.” To clarify, are state and local property, income, and sales taxes still fully tax deductible for rental properties? Thank you, David Lipps Reply So with the “simplification” of the tax form and obviously the less complexity to it will Turbo Tax be much cheaper to purchase for 2018 and going forward? Reply I was a PSO injuried in the line of duty and my pension from my department has been tax free. It that benefit going to be changed?? Reply Do tax payers over 65 still get an additional deduction amount the same as before? Reply Does the 20% business tax deduction apply only to incorporated businesses or does it also apply to self-employed business income earned as a sole proprietor? Reply I am a senior widow caring for my two disabled adult children. I’ve always been able to claim them as dependants. No more? Reply Is the 1202 exclusion ( profits on small companies held over 5 yrs) still valid? Reply Is there anything that will effect that income tax from Social Security benefits? For many years, if the tax paer who happenes to be a retired senior citizen who has a total income in excess of $32,000, the tax payer is liable for taxes at whatever that tax rate is where 85% is considered to be taxable. Reply is the $4050 exemption per person going away Reply What about home business? Will this still be schedule C and expenses be deductible. Reply As a published author I file a Form C to itemize my writing expenses. Will this remain the same? Reply You you address the child credit in the new tax law. I believe it is 2000 tax credit per child. Not sure what the income limits are, Reply I have a 491k rollover to an IRA this year, which turbo tax product do I need? Reply Which Turbo Tax will I use if I had a 1031 Exchange this year and will it input all the necessary information for this? Reply Is mortgage interest on your primary and secondary homes fully deductible? Any limitations based on total adjusted income? Does AMT still have a negative effect on taxes for the middle class? Reply I expect to use the Standard Deduction for 2018. Will I still be able to do a Qualified Charitable Distribution from my IRA? Reply Is there a tax caster for those of us without iphones? I use Samsung and would like to be able to predict the needed taxes as well Reply Is medical deductions included in the standard deduction or is it separate now? Reply What will be the head of household deduction with a minor Reply My kids and I use TurboTax every year. I’m retired on SS but they’re still working. Is there a TurboTax tool to make sure their employers aren’t under-witholding? Reply How are military reservist expenses (travel, uniforms, etc.) handled on the new 1040? Still deductible? Reply Is there any way that the tax caster that you have can specify what the 1040 forms line numbers are for the 2017 tax year? I think this would make it a little clearer Reply If you are 65 yrs. old, is there additional deduction ? Reply If the standard deduction is 12k for single and 24k for a couple filing joint is there an additional deduction for over 65? Reply does taxcaster takie into account tax on social security income? Reply When will 2018 TurboTax software be available? Reply If I sell my rental home that I have had for five years and have a profit; at what rate with that be taxed? Reply I have a small farming operation and a small business. Is it necessary to establish an S-Corp or LLC to qualify for pass-through deductions or can I still use my SSN? Reply This is why normal people struggle with taxes…they don’t understand enough of how to do it! Reply is it true that the nonreimbursed employee expense has been eliminated? Reply I am downsizing this year and plan to move into a smaller place. I am hoping I can write off my charitable contributions. I will have a huge amount because I’m giving away furniture and other valuables that I will not have room for in my new home. Reply I lost my spouse two months ago, how does this now affect me and my adult dependent daughter? Reply For tax deduction can a second home be in Canada? Reply I heard on the news yesterday, August 1st 2018, that our Employers have not been taking out enough taxes this year, so when we file for 2018 we will owe more. Please help me understand what happened and why we would owe more tax. Thank you for your time! Reply My big worry are the changes to the “divorce deduction.” My attorney says I keep the deduction because the divorce was finalized in 2016, but until I see it in black and white, I remain nervous. Can you shed any light on this topic? Reply I downsized after my husband’s death on 1/1/17. I just rented my home with an option to buy within 2 years. Couple questions: 1) Will I still submit a joint return for 2017? 2) I will have rental income for 4 months in 2018. I also spent a lot of money getting the house ready to sell/rent. What Turbo Tax product do I need to order for my 2018 taxes? Can I deduct the expenses paid for getting the house ready? 3) I also had damage to my home in August 2017 which the insurance company would not pay one dime. Some of the expenditures to remedy the situation were paid in 2017 and some in 2018. How do I handle these expenditures? Thank you in advance for your input. Reply What’s the earliest date we should expect to be able to start using TurboTax for next tax season, i.e., early modeling of changes’ impacts. Reply Can I still claim my milage if I use my personal vehicle for work purposes? Reply What the minimum AGI to claim rental property loss? Reply I am 76 year old and my wife is 68 years old, Do I have tax changes for 2018?. Reply What about medical expense deductions? I saw no mention of that in the above questions. Reply I heard that medical expenses can also still be deducted. Is this true or not? Reply Prior to the new tax law for 2018, if you took the standard deduction, married filing jointly for example, there was an additional amount added onto the 12,700 if you are 65 or older. Is there still an additional amount added to the standard deduction for 65 and older in the new tax law? Reply How about lines 25 through 35 (adjustments to the Gross Income)? Are they staying or going next season? Reply what about deductions for a not for profit business. Can you still itemize or have the business deductions gone away? Reply Is the medical deduction changing in for 2018? Reply Are there changes regarding office-in-home expense. I’ve not started reading about 2018 tax changes in any depth, but had read speculation that home office contractors with W-2 status would become severely limited regarding home office expenses. Reply Will Turbo Tax still ask about all my possible deductions and then help me make the decision on whether to itemize or just take the standard deduction? Reply Can you still file head of household? Reply My husband is disable can I received earn income on him they sent me a letter last year dying I could but never received anything Reply We own a rental vacation property and have been able to claim a loss. How does the new law affect us? Reply When will a full version of turbo tax 2018 be available so that I can run different scenarios to make decisions on deductions, IRA withdrawals/contributions, etc. Reply I thought that home equity interest was no longer deductible. Reply Good technology. Sign of the times. Wake up Reply Is telework deductible, home office, internet service and cell phone usage? Reply Simply, what wii be the standard deduction for husband and wife both in their 70s? Thx Blush Reply My fiancé and I were looking to marry in 2018. Our individual state, property & local taxes are under $10,000, separately. However, our combined taxes exceed $10,000 by almost double. As the standard deduction for single is $12,000 and is $24,000 for married couples, it looks as we would lose almost $10,000 in deductions. Is this correct? Reply What about health premiums for owners of S Corp. Reply Will there be changes in medical expenses? Reply Will per diems issued to me without receipts based on gsa.gov be taxable? I am over 65 Reply Dump the social media bar on the left side of the screen or make it go away forever when selected -PLEASE… It interferes with viewing the text and keeps popping back up. Reply I get Perdiem’s for travel and do not have to turn in receipts. Will these Perdiem’s be taxable Reply I operate a 15 unit rental property, we have a $200k electrical repair bill coming in 2018. Can we expense this in 2018? Also, does the 20% pass-thru deduction apply to us? We report income on Schedule E. Reply I’d like to do some tax planning before year end and wondering if Turbotax for 2018 will be available before year end? Reply With the new tax law is there still a deduction for auto mileage if you use your vehicle for business? Reply Will the IRS not impose a penalty for underpayment this year (due to the changes in deductions,etc.)? Reply Can you still deduct for an electric car purchase? Reply In the past years, it seems that the property taxes weren’t eligible for deduction even if homestead, why is that? Does it need to meet a certain minimum or maximum amount? Reply We need info NOW, not at tax time. The vague statements we have received so far regarding our 2018 tax return are not enough for us to be able to determine our outlays this year, therefore we may be unable to forecast our tax laibility and therefore not be able to make the proper outlay choices before tax time. This entire scheme is badly thought out and not in the best interest of American taxpayers. On another note, “impact” is a noun, “affect” is the verb. Something has an impact on, or is affected by an occurrence. I am a grammar tyrant. Reply How will capital gains (Schedule D) be treated? This has always meant I needed to use 1040A Reply How does the new law effect social security and Army income in NC Reply Hello. Will you still need to file a form with all interest and dividend income, that is the old schedule B? Reply Do we still get deductions for personal and family members and for being over 65? Reply Is the requirement to pay income tax on social security income kept? Reply What is the standard deduction for married seniors – both 70+? Reply Is there a way to use the 2017 Turbo Tax program we did our 2017 taxes on and use that info it has to estimate what 2018 would look like if all the numbers stayed the same? I see the comment above where there is an online tool, but you have to enter all that info from documents, and frankly, it’s all pretty confusing. That’s why I use Turbo Tax. And, it already has all that info from the 2017 taxes in the file on my computer. Reply Given that my prior major deductions – state income, county real estate, and mortgage interest – will not reach the $24K threshold, can I use the $24K married standard deduction and also deduct the percentage of a loss related to the sale of investment property that I incurred in 2014? Reply Is mileage for work still deductible? Reply I appreciate that TurboTax is keeping us abreast of these major changes and especially value the preparational Tax Caster tool. Reply For rental property owners, will we get the 20% discount when filing Schedule E or will we have to file Schedule C? Reply Sorry to digress…I live in NY. I had a child in 2017 and was expecting to get a bigger refund after filing my taxes in April. My other friend who (also a NYer) had a kid 2 years ago pushed her kid out before by December 31, 2015 and she got a good bump on her refund for the 2015 Tax year (she has two kids so her refund was more than $10K). That set my expectations but my refund was almost the same amount as the 2016 Tax year. My husband and I filed married jointly, I own a coop and did itemized deductions as well. We used Turbo Tax to file 2017 taxes and I entered my son’s birth date as prompted. Did the law change from before? I followed the Turbo Tax step by step and answered each question. Did I do something incorrectly? Reply Are there any provisions for deducting investment expenses such as management fees? Reply What about medical deductions? Reply In general I like TurboTax, but It does not do a good job in handling and explaining MLP’s K-1 forms and how it impacts ones 1040. Hopefully TurboTax will improve that whole area !!!!! Reply Last year, I filed using the on line Turbo Tax, but had to redo my 2016 using the download version. I found the download version to be more flexible than the online version, so I would like to do the download version again for 2018. My question is, will I be able to import my on-line data from 2017 and my 2016 download data into my 2018 taxes? Reply Wondering about changes if any to the capital gains tax exemption on the gains from the sale of your personal home. I believe the exemption was up to $500,000 but you had to reside in it 3 out of the last 5 years. Is the five year period looking back from the sale date or from the date you moved out? For example, what if it takes 3 years to sell from the time you moved (not rented), does this void the exemption? Reply What is the detail on Gambling Winnings and taking the loss on the Schedule A? Reply I heard that the home mortgage interest deduction will be changed to only include interest related to acquisition-related debt. So if you paid cash and refinanced shortly thereafter, you’re screwed. Is this true? If so, does it apply retrospectively? I bought my house in Jan 2017 and refinanced Apr 2017. I borrowed money for the purchase from a personal loan and from my parents. Do you think I’ll be able to deduct the interest? Reply The new tax laws eliminate IRA transfer recharacterization, so knowing my exact tax situation prior to year’s end is critical. Will Turbotax have a good tax calculation worksheet by December 26th so that I do not over- or under-transfer on December 27th or 28th? Reply My medical costs are huge each year: are those costs for medical care, prescriptions, etc still deductible if you Itemize deductions? – Thanks Reply The article mentions interest on Home Equity Lines of Credit are deductible. Can you confirm that for me? I was to understand that the maximum value available to deduct from your property taxes, and mortgage interest combined would be $10,000, and that any interest on HELOC, Home Equity Loans, and home renovations are NOT to be deductible. Reply The Taxcaster is nice, but it would be a very cool addition to the Turbotax product, where it could start with the 2017 data and then offer reasonable predictions for 2018. Reply What about unreimbursed business deduction? will they still be deductible? Reply If I have a 17 year old in college will I be able to claim head of household? What about a domestic partner with no taxable income? Reply Is there a way to claim/deduct a 21 year old that is not in school or working (but not disabled). Reply What about EIC and child tax credit. How will that work? Reply Is the new form available for view? Reply Since most people will have just the standard deduction and not go long form, will the prices through Turbo Tax be less? Or should we start doing the tax return ourselves? Reply If you are single or widow, how much is standard deduction for them Reply what about people over 65 Reply What happens head of household? And grandparents raising grandchildren? Reply Will mileage and hotel expenses and union dues stull be deductable? Reply which version of Turbotax works best with stocks and especially K-1 and its calculations? Reply So the child tax credit is way less that what it used to be ? Reply If you have over $1500 in bank interest, do you still need to do a Schedule B or another supplementary form? Reply I am a federal retiree and for the past two years I had to add special forms to document my retirement earnings. Does the new standard deduction form still require these forms? And if so, will I still be allowed to file utilizing just the standard deduction and not itemizing because I do not earn enough to support an itemized return? Reply Okay, I’m still totally confused. Married filing jointly you get the $24, 000 deduction. On top of that do we also get our property tax + state income tax, not to exceed $10,000 each, so in our case 24,000+ 6,000+10,000 for a total deduction of $40,000? Thanks. Reply Which form will be required when you have capital gains? Reply Is it true, this year you cannot deduct milage when you travel for work? Like for outside sales reps, district managers etc.? Reply Greetings, Is there any way to view changes in 2018 Schedule C deductions involving independent contractors, home offices, mileage, etc? I cannot locate forms anywhere and it is almost August. I am just trying to see what remains from 2017. Thanks Reply Lisa, I have a serious concern with Turbo Tax and my tax filing for 2015. I’ve been given the round around as well as bring placed on hold for and hour and ten minutes to discuss my concerns with so called tax experts with Turbo–no one answered. Is there a direct line or office that you can direct me to discuss my issues so I can get an explanation as to why IRS asked for an additional $1,525.00 for my 2015 taxes when Turbo Tax claimed I only owed $576.00? I SINCERELY Appreciate any assistance with this ordeal? Thank you for reading about my concern. I hope to get a reply with the needed guidance as to who can help me with my problem. Reply I’m a truck driver. Is are per diem going to be taken away when filing taxes in 2019 for tax year 2018 Reply So there is no dependent tax credit anymore Reply Have a question regarding medical expense deductions, as I was under the impression that it was no longer able to be done. If you pay over 12000 per year in health insurance and over 3-4000 in medications and copay, I do not get to claim that? + Reply I travel about 30,000 miles a year for work and do not get reimbursed. I’ve always been able to get mileage deductions on my itemized return. Will I still be able to do that? Reply Lisa, In past years, retired people who have IRA accounts, and are also >70.5 yr. old and therefore are subject to required minimum distributions (RMDs) from these IRAs, could direct their IRA Custodian to make distributions to Qualified Charitable Organizations (QCDs). These QCDs would count towards the RMD, but not be included in taxable income. Will that still be the case for the 2018 Tax Year? Reply Would I still be able to write off working expenses? Reply The 20% self employment income for married filing joint earning under $315k. Is that 20% of net or gross SE income ? Reply I bought a car , well actually financed a car, do I get to deduct anything from that? Reply My employer only pays me .32 per mile transportation. Can I claim the different on the up coming taxes? Reply What will the standard deduction be for Married Filing Separately? Will it be $12,000 or $24,000? Reply How will the new tax laws affect my business as far as what I can or can’t write off as business expenses? or supplies that I am always buying? Thank You Reply I would like to know if I’m eligible to claim my son on our taxes as married filing jointly with my husband my son is 22 lives with us for the entire year and is unemployed? Also I’m a part time sales associate and the place I work hasn’t taken any federal out of my checks according to my records. Am I not eligible because I’m part time? Reply Duel citizenship while working and residing in Canada. You still are required to fill out yearly tax schedule even though you have no income from the USA? Its unbelievably expensive ohhhve to find a qualified person to do paperwork in filing. Please advise. Thank.you. Reply Can I claim my 19 year old as a qualifying child for the earned income credit if I pay for all of his support and he isn’t working? Reply I will be switching my filling status to single instead of head of household. How will that affect me? Reply Will the dependent credit change and there was suppose to be a deduction for stay at home mothers, is that true? Reply So if you take care of a parent or a family you can’t use them for a deduction ? Reply If you’re a transportation employee, will you still be able to claim meal per diem for your 2018 taxes? Reply How about for those who are paying back for the IRS,according to what i heard from other tax preparers saying that, “there will be no more paying back!” And this is not fair us people whose been paying the IRS for making alot! And as for those people with foodstams they’re using their foodstamps to buy drugs and some other illegal stuffs which aren’t supposed to be used for! Pardon me for bringing this up but my question is are we “people whom owe IRS” still going to pay back while others sits back and relaxed because they dont make as much as we people whom work very hard and that is soooo not fair? Thank you! 🐌🦋🐳🐠🐓🌴🌺🌞🌻🌤 Reply How will rental income deductions be handled on New tax law? Reply Can teachers get credit for the items purchased for classrooms and students? Reply Am I too understand that there are no more personal and dependent (i.e. children) deductions? So a married couple with no children get $24,000 deductible as those with children? Reply When will TurboTax have the 2018 tax return software available so we can do some tax planning? Reply under the new tax laws, do I need to file a return if only income is from social security. Reply Head of household deduction? Reply 1. Will the Taxcaster compare your 2017 return to 2018. That is can it use your 2017 numbers,and tell you how much you would have saved/refunded using the 2018 laws? I would like to know . 2. For the on line Turbo CPA what is the fee and can you call several times or just once? Reply Do you claim alimony Reply I am still trying to find out if there were any changes made to the worksheet that is used to calculate how much of a persons Social Security might be taxable. I haven’t been able to find any information on this topic. Reply Hi Lisa will I be able to claim my child on my tax return Reply What about the taxable income limit on social security, has that been eliminated so you don’t have to pay taxes on social security? Reply How will these changes effect my small business returns which i file with you? Any new records keeping required? Any deductions added or deleted for 2018 returns as of the moment? Reply Is it true if you earn less than $25k you dont owe taxes? Reply Will I still be able to file for spousal support credit on new forms? Reply Our joint return will qualify for the new 1040 standard deduction. How about reported investment income( long and short term gain from managed accounts)? Will I have to use additional forms, or can I use the streamlined 1040 form? Thanks. Michael Reply What’s going to be the eic? Or credit per child? Reply So, there is no longer a tax credit for children under 17? Reply I was looking at donating a vehicle this year, will I still be able to deduct on my upcoming taxes? Reply I wasted my money on TurboTax the past 3 years. I need convincing you’re worth my money. I also deserve a refund from Intuit for, at the very least, 2016 and 2017 year’s “product.” In 2016, I had a new computer and the program would not allow me to transfer my data from 2015. We had to get our tax info from irs.gov, which involved a lot of wait time for a code, entering everything ourselves, etc. by the time all was done, we had penalties. Last year, the program did not save our 2016 data, even though we were on the same computer, and we ran into the same problem. Again, we couldn’t get responses from TurboTax. I spent a lot of time (and several calls) on the phone with IRS. We had to wait for a code again since our data didn’t transfer (at least we knew what to do this time and had plenty of help from IRS). I was entering data on countless occasions and it said it was saving it, only to be lost and have to start over again. Several people at the IRS said we were far from alone in our experience with TurboTax. Once again, our data would not save. We now have no printable records or saved records for 2015, 2016, and 2017. We gave instructions for our Refund to be direct deposited, just as we do every year, but that info wasn’t saved and we had to wait for a check. I already know our data will not transfer from 2017 to 2018. We also need copies of 2016 and 2017 tax returns for a financial project and we have no way to get them in a timely manner. This is costing us money! Reply If you a truck driver do you still get per dem for over the road Reply What about people with an income plus Uber and Lyft Reply Not so much a comment, but a question. My husband is in prison for 25 plus years. The only I receive is from my job which is full time. My question, would it be better for me to file married, head of house or single? Legally still married for now. Please help. Thank You, Linda Reply My husband recently passed away. I know I can file married filing joint, BUT, how do I get the direct deposit or check, which ever way I decide to go this time, made out to just me? The bank that I bank at has told me I have to take him off of the account, so if I do direct deposit, I don’t want it to get rejected since they will have record of him being deceased. OR if I close that account and go to a different bank, same thing. Reply Lisa, can I please get a reply to this question? It’s driving me crazy. Reply Please and thank you very much. Quick question. In past years I always itemized. The total is always around 15 thousand. So that combined with my personal exemptions for 3 people around 13. Thousand. Totaling around 28 thousand. With the elimination of the personal exemptions won’t I end up paying more taxes this year? Only being able to claim 24 thousand instead of 28? Reply My wife is in memory care. Do the same rules apply this year as for last for the medical deduction? Reply What does the children deduction credits look like Reply Does tax caster have the ability to pull over your 2017 tax info from turbo tax to estimate 2018 taxes? I don’t want to re-enter all my info. Reply I was looking for some substantive information about tax changes to aid my own tax planning for the balance of the year. Nothing here. Reply I’m over 80 and a widow so I have to file single. My estimated taxable income is approximately $20,000. Investment income approximately $60,000. I don’t own a home but have property worth approximately $70,000. So guess I have to file just because I invested the money from the sale of my mobile home. Thank you. Sandy Reply Is there a limit on charitable contribution and if so can you carry over to another year if you meet that limit Reply Turbo Tax on the SALT deduction: “The $10,000 is in aggregate and is the total per tax return.” So if two single filers jointly own a property upon which real estate taxes are $12,000, each could take a $6,000 deduction (assuming other state & local taxes do not exceed $4,000)? Reply Does the child tax credit go up 500 per child? Reply So instead of one or two forms to fill out, I might have 6 or 7 ??? Reply What would it be for children deductable for each child Reply How does this new tax form effect clergy housing ? Which in the past was considered non taxable. Reply Since TurboTax knows all the new rules and also has access to my last years tax returns, why can’t to offer a simple website app that can look at my last return and assuming similar items give me a reference guideline on how my 2018 tax wis likely to change up or down. I’m not expecting an accurate number just eg: “based on previous returns this years tax may lead to an small increase in refund” Reply medical costs wont be allowed to be deducted? Reply Will the child tax credit change and because I work full time and will be attending school this fall, will any of the new laws affect me. And if so which ones Reply Hi! I started to use the Tax Caster, but it says “What do you plan….in 2017” Is that supposed to say 2018 or is this an outaded version? If outdated, when will the 2018 update be ready? Reply I file married filing separate and I’m head of household. What are the changes for my taxes in 2018? Reply I file married filing separate. Is there any deductions for me? I’m also head of house hold . Reply i am expecting a refund for 2016 tax year. I forgot to file. but I do know that a refund should be allowed. Can I file 2016 with on linte turbo tax? Reply I’m 67 yrs. old and planning to sell my residence in Ca. that I purchased in Nov. of 1986. I am currently retired receiving pension and social security. With new tax reform what can I expect in tax consequences? Reply Hi, I like turbotax. I used to do my own taxes with Turbotax. But since I started working for Uber I stop using Turbotax because the software didnt have an option do it for uber driver, so I had to go to an accountant instead. It will be great if Turbotax provide the software for uber driver. Reply I am dependent on my son, won’t be be able to claim me? I am 75. Reply I need prepared in tax training software online how to now the software to helping my people to open my bisness Reply Is the Head of Household filing status still a standard deduction option? Reply I want to participation in tax training preparation with software online Reply What will the standard deduction be if you file Head of Household? Reply I’m my wife and I are senior citizens. Last year we took a standard deduction for $15000.00 since we were 75 years old.i read above that new standard deduction is $24000.00. Is that figure for those not senior citizens? If it is then what is the senior citizen amount. Reply Hi if a buy windows for my house and change roof can a this expenses? And I have 2 children ones is 14 and the 16 years on high school she will be take college class this can be deducted? Reply I am in the transportation industry airline employee I have extensive meals uniforms etc. what will be my options this year, Major medical is also an issues including phone Internet etc. needed for the job we are required to have a computer and be available 24 seven Reply What about state taxes? Last year I had to file a printed copy of my mn state taxes and delayed my refund. Reply If my grandchild is 17 this year can I still get the child tax credit . She is still in high school Reply Been using Turbo Tax for several years. Recently realized that Turbo Tax has not been querying me for prepaid interest on purchases of fixed income securities; which is tax deductible and not reported to the IRS on forms 1099. Why am I not queried in you program ? Reply I was not happy with turbo tax used it in 2017 for 2016 taxes for my son and when I went to use in 2018 for my sons 2017 taxes I did not remember how to log in and they was absolutely no real person to contact to help me. Tried every number I found finally had to pay someone to do them. Reply So do the child tax credit go up when you fill your 2018 tax return Reply Hello, we pay PMI can we deduct this with mortgage interest and property tax? How are the deduction broken down ? Thank you 🙂 Reply Can you claim someone that you take care of in jail or prison. Reply Hi, I have a landscape business & include it in my personal married tax return. Is that a wise thing to do or should I file separately. How should labor and material be itemized for business return? Reply Does the NEW and IMPROVED product solve the ‘start the product’ and ‘write’ and ‘update’ the return problems? (As your records confirm, this is a 6 month old problem!) Reply How does it affect Foreign Earned Income deductions? Reply I have been using TurboTax to prepare and submit my Federal and State taxes for YEARS. I have always prepared them using iMac desk top computer. I understand that TurboTax will cut off many of your users this year by limiting the TurboTax compatibility to specific Mac OS software that is only in the latest computers. What is the story? Will I be forced to use a different software package from other than TurboTax? Reply I want to know if someone doesn’t have any health insurance will be able to fill for tax? Reply So, even though we will no longer be able to reduce taxable income by exemptions, will there be a spot on the new return to show how many dependents we have? Aren’t some itemized deductions and credits only available to us if the individual is a dependent, i.e. Hope Credits for our kids or medical expenses for elderly relatives? Reply Is mortgage interest deduction the same as last year or has that changed? Reply “The new form consolidates the three versions of the 1040 into one simple form…and increase the number of tax schedules supporting Form 1040 by six additional forms.” Only the IRS would call this a “simplification”. Can’t wait to see how easy the instructions are. Reply Our 2017 tax return showed $15,200 standard deduction and $8,100 exemptions making $23,300 as our total deductions. With the elimation of personal exemptions for 2018, we are actually getting only additional $700 in deductions. Is this for real? Reply Can I still deduct my medical expenses beyond the 7.5 percent limit, if I start using the new 24,000 standard deduction for married couples. Reply Our prescriptions and premium payments deductible Reply This year I have to add my student loans as income because the government paid them off. I am on disability and only work part-time. How is this going to effect me? Reply Did the AMT go away as part of the new law? Reply How about Uber or Lyft income and mileage deductions? Reply I have always had to use Turbo Tax Premier because my income in mostly through investments. How will that be handled with the new tax laws, and will Premier still be needed to to cover investment income? Reply are there will have Health insurance penalty ? Reply What are the IRS and state rules on capital gains from selling an inherited house (never lived in by heirs)? A deed grating 1% remainder interest was made in 2006 for three beneficiaries. Upon the home owner’s death earlier this year (2018), the three heirs were granted ownership in the house effective on the day of death (this was automatic, we did not do anything). The house was recently sold, five months after the ownership changed. One heir is in NC where the house is, and two are out of state. How does each do taxes and has anything changed from before the new tax law? Reply Willing we need to enter QCDs separately or deduct them ourselves from our 1099R taxable amount? Reply What is the new deduction for dependents if there is one? Single parent with 1 child. Reply How does the new tax law affect 1099 income? Reply Will the price of TurboTax be lowered, to reflect the more simplified tax forms? There will be fewer forms to deal with; I would think the price of your product should take that into consideration. Reply What will be the standard deduction for those over 65. ? Reply What is the standard deduction for a dependent. My college age daughter has about 10,000 income from work and investments. Reply How are you handling clergy housing allowance? Reply I am paying off my mortgage July 2018 in a lump sum settlement. The difference in owed and settled is $11,000. What is the tax law on the forgiven amount? Reply I’m new to this single status. Will I be able to get a tax credit for funeral expenses Reply Removal of child exemption is mentioned here. Could you clarify? For those of us with children, is the new tax law removing the $4K exemption per child? Reply Will the ‘It’s Deductible’ program still be available and up-to-date for use with the 2018 tax filing? Reply If I am filing married jointly what is the deduction amount I have to meet for any of it to count ? For example mortgage interest, medical premiums…. Reply So, the $24,000 applies to those who can’t reach that amount through deductions? What about medical deductions? What is the limit here or did that go away? What about deductions if you do part of your business in your home? Reply Clergy persons (pastors, missionaries, etc) have been allowed a housing allowance in the past; will housing allowance still be allowed Reply Hi, Does contribution to Oregon 529 college savings plan reduce owing state taxes in Oregon. What is the limit and suppose if my state tax is $10000 if I contribute to Oregon 529 let’s say $4000 what will be my final state tax owing. Thank you. Reply Will there be a penalty for not having health insurance Reply Standard deduction for married filing jointly is $24,000. What about couples who are over 65 year in age. Is there added deduction and how much? Reply We sold a property in February that we lived in for 5 years and rented for the past 11 years Before the tax law was changed affecting the capital gains rate, we were told by a tax consultant that we would have to pay about $30K in taxes, since we were not going to remain in the rental market. With the top capital tax rate around 15%, versus 30%, will our taxes drop to about $15K? Reply Did they do away with Head of Household? Reply what is the medical deduction going to be in 2018 ????? Reply will there be a penalty for having short term medical insurance or no medical insurance coverage? this is a @#$#@#!@ rip off for working people. Reply I have been using Turbotax Deluxe since 2009. This past spring I received a note that this is the last year I can use Turbotax on my iMac because the OS is too old. I don’t plan to replace my Mac. Is there an online version comparable to Deluxe that is accessible via my iMac? Thx. Reply How will the new tax law affect the child credit I just got a baby how much will be the credit for 2018 Reply What is the tax penalty for not having health insurance per month in 2018? Reply What about Unreimbursed Business Expenses? Can we still claim? Reply Are medical expenses still deductible and if yes, what briefly are the rules? Reply What about Head of Household deduction? Reply Is Head of Household still a filing status? (Such as for single with dependents). I read somewhere that it would have an $18,000 standard deduction. Reply Is Head of Household still a filing status? I recall something about an $18,000 standard deduction for head of household. (Single with dependents) Reply So does the new law do away with any deduction if you are paying all the expenses for a elderly parent. Reply HI Stan, Not all of them, but it does get rid of the dependent exemption which was $4,050 in 2017. You may be able to get a new $500 credit for a non-child dependent. You may also be able to claim your parent’s medical expenses. TurboTax will be up to date with these new tax laws at tax-time and will guide you with simple questions. You can also connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered at tax time. Our TurboTax Live CPAs and Enrolled Agents can even review, sign and file your return at tax time. Thank you, Lisa Greene-Lewis Reply So the new tax code is doing away with the dependent exemptions of $4,050 in 2017, does that include you children or is that just for the qualifying relatives? Lisa how will rental property be handled in 2018 I’m more concerned about the change in tax brackets could you give examples If your parent is considered a dependent, do you get the $12,500 exemption for the parent? can you send me a template to use on how the new taxes affect me. I need to know. I do not care about a 1040 form. Other tax assistance companies and CPA’s have done this. Has turbo tax? I have questions regarding past credits & deductions from this recent tax year that I didn’t Claim. How to go about refilling my taxes . Do you know if filing married separately is better than jointly under the new tax law? Reply Does you elderly parent get social security or a pension, on Medicaid or Medicare? Reply How will the Federal changes affect my Kansas State return? Reply I am retired clergy. In past years I have been allowed to deduct housing expenses accrued during the tax year. Under the new tax laws will this still be an allowable deduction? Reply ABOVE ANSWER BY STAN IS WRONG. PERSON ABOVE 65 YEARS OR OLDER CAN INCREASE STANDAR DEDUCTION BY $1300 PER PERSON. Reply Will Employee Business Expenses be deductible now? We were using Form 2106 I think. Reply Did the standard deduction for married filing jointly go from 12,000 to 24,000? Reply Hi Maria, The standard deduction went from $12,700 to $24,000 for married filing jointly. Thank you, Lisa Greene-Lewis Reply So its best to file separately if married? We rent our home. Of course they eliminated the personal exemption. So net benefit not that significant. $24K? I’m confused. “The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,500 in 2018, up from $6,350 in 2017, and for heads of households, the standard deduction will be $9,550 for tax year 2018, up from $9,350 for tax year 2017.” https://www.irs.gov/newsroom/in-2018-some-tax-benefits-increase-slightly-due-to-inflation-adjustments-others-unchanged Turbo TaxLisa, Can a widow get any good deduction? My income decreased more than half. Isn’t the standard deduction for married filing jointly greater than 24000 if they are over 65? With an additional $1,300 for each taxpayer 65+ or blind. Lisa, there used to be a bump up in the standard deduction if you were over 65. Is there still a bump up in the new laws? Would it be easier or better to file married filing separately instead of filing jointly like we have always done will there still be a deduction for children in college Reply Hi Christina, Yes, you can still claim the American Opportunity tax credit for $2,500 per student for the first 4 years of college or the Life Time Learning Credit of $2,000 per return. You can also still claim the student loan interest deduction up to $2,500. TurboTax will guide you through education credits and deductions and give you the one you are eligible for based on your entries. Thank you, Lisa Greene-Lewis Reply Do each of these credits still phase out if earning exceeds a certain level of AGI? What is the income limit for claiming these education credits? $2500 credit, if tuition is paid by a grandparent? can the above credits apply if your AGI is above the limit? Does this apply for a high school senior who is going to college full-time (13 hours/semester)? If my spouse owes the IRS, and we decide to file jointly, how would our return be affected? Reply How about medical deductions Reply Thinking of going to drive for Lyft. What kind of deductions would I be able to take under the new law? Lyft claims I can deduct unlimited phone plan, maintenance cost as well as fuel costs. How about the vehicle I purchased? Reply We are no where near the 24K married Std Deduction. It would help and simplify with tax preparation if we could go directly to Standard Deduction without entering values or zero for taxes, interest, medical, charities, etc. Reply Will people filing joint returns be able to deduct property taxes, student loan interest and child care for 2018? Reply Can you deduct your travel mileage for your job.? I travel a lot and have a lot of unpaid mileage. Reply I tried to use turbo tax last year. My only income was social security. I did not work. Turbo tax wouldn’t allow me to use without having a slip for work earnings Reply where can I get a copy of the new 1040 form for 2018 taxes? Reply It would have been nice to have had our moving expenses from an apartment to a house refunded like they used to be. No we didn’t move because of a job, we moved because we finally were in a position to afford a house again. Reply If I give 25k to my child. DonI put it as an expense and does my child has to put it as income on his taxes Reply How does the new tax form work, if you have healthcare through this ACA? Reply Alimony no longer deductible? Is this true? If so is the govt taxing this income twice? Reply Are there going to be mechanisms in place to address taxable state refunds? If SALT exceed 10K, we will not be able to deduct all taxes, yet we may be forced to pay on refund amounts associated with taxes that were not deducted. Reply My daughter turned 16 Feb of this year. (2018) She starts her first job at McDonald’s this week. My question is do I still claim her on my taxes and does she file taxes as well? Or does she file her on taxes and I can no longer claim her? How does this work and do I do? Reply I have been a long time TurboTax Premier user. But i just found out I could no longer use this product for year of 2018 because TurboTax only supports no more than 45 of rental units. Will TurboTax make modification on this issue? Sure hate to learn another tax prep software! I am just so used to the TurboTax software. Reply Could you please explain the changes coming to the healthcare bill penalty compared to last year? Reply How does adding your stock purchases and selling figure into the new tax forms? Which form does one use? Reply I file using the standard deduction; however, I’ve been allowed to apply some of my mortgage interest as a tax credit because I have a mortgage credit certificate. Will that still be allowed? Reply What are the new tax laws pertaining to alimony? I was told that the payer would have to start paying the taxes for it, and the ex would not be taxed on the money she is RECEIVING? It totally doesn’t make sense, so I wanted to verify this. Thank you. Reply I prepare my income tax as expat . I have income as an advisor and basically pay social security taxes.(no federal taxes)This new 1040 will make any difference to me in my next year preparation?May I use turbo tax in my future preparation? May I itemize some of my expenses?. I will turn 70 next year and I am not sure what I am supposed to do. Do I still pay ss taxes? John (a little bit confuse) Thanks Lisa Reply I sold my father home in 2018 it was a inherent to me sold for around 61,999 do I have to pay taxes on this home sold Reply I’ve been using TurboTax for more years than I can remember and hasn’t failed me yet. I’m thankful that you are there to shake it out and I always use deluxe that walks me through everything and I don’t skip anything even if I believe it doesn’t pertain to me. Once I took my tax to a pro to see if he could get me more deductions…..when he got back to me he said I should work for him. The bottom line is unless your tax situation is very complicated which most aren’t anyone who can read and click and keep good records TurboTax is the way to go…..no, I am not getting anything for my testimony. Reply My husband and I are seniors and our personal deduction has been higher than for those not seniors. Will we still get an advantage and the personal deduction be higher so we do not to have to itemize? Reply I am awaiting your answer for personal exemption for seniors? Reply Is the exemption for being over age 65 still in effect for 2018? There is confusing info on this issue online. Thanks. Reply I used turbotax last year, Is there a way I can use that file with the caster file to lear n about this year taxes without having to plug in the numbers individually? Reply Does the new tax bill give any relief to parents paying for child s college education? What is the income phase out rule? Reply some where i heard 26000 deduction if both fiflers over 65 Reply What do the new tax law do for people that file single with dependants with low income Reply I paid 20k cash for a mobile home in FL. It is my primary residrnce. Is any of this tax deductible? Reply Will the college tuition credit still be available? Up to $2500.00 per child? Wade Reply “Postcard sized form”? Is this the nonsense Paul Ryan was showing that required supplemental pages to be added to the “postcard”? Reply Why is there so much publicity about nearly doubling the standard deduction yet absolutely no publicity about that fact that the Personal and Dependent Exemptions are going away. For a single tax payer the original standard deduction of approx $6,000 plus the personal exemption of $4,050 came to $10,050. Now it will be $12,000. Big Deal!! And, if somebody itemized their deductions of more than $6,000 they still received another $4,050 deduction. The publicized reports that tax payers will save a fortune because the standard deduction has doubled is a big fat misconception!! I guess nobody wants the tax payers to know what’s really going on! Thank you Reply My husband and I have always filed as married filing jointly, however he passed away July 3rd. How will I need to file for this year? Reply Hi, Regarding the standard deduction, my wife and I are both over 65. Last year, our standard deduction was $15,200, which included the $12,700 and $1,250 each for being over 65. Will the new tax law have our standard deduction as more than the $24,000 that has been discussed. As an example, could I expect that our total would be $24,000 plus the $2,500 extra we got for being over 65? If not, again this Administration will be sticking it to us, since they eliminated the personal deduction. Thanks. Tom Dalton Reply Will there be any deductions for medical expenses? Reply Has anything been changed or mentioned with the credits? Child credit, Hope credit or EIC? As a student and mom of four kids this is very important to me! Reply Is there still a penalty for not having health insurance for any part of 2017. I will me moving in September and losing my ins. Reply What about alimony I pay? Is it still deductible? Reply I make estimated tax payments but when I prepare my return I have trouble finding the section where I report those payments it would be nice if this question was asked up front so I would not have to scour around looking for the section to report estimated payments Reply Just confirming- the tax deduction for the hundreds of dollars spent by Public School Teachers, on classroom supplies and materials each year, has been wiped out, yes? Please reply. Reply What about hospital bills? Can you claim them on this coming tax return? Just our out of pocket cost for them is over 15,000 dollars. Reply How does it work if you receive EIC? Are you going to receiving less? Reply I’m work as an independent contractor and in the past have been able to claim mileage. Will mileage be an eligible deduction going forward? I’ve been a very longtime Turbo Tax user and have been more than satisfied all those years. Thank you. Reply Deduct property taxes?. Did they change the new tax code? Last I read property taxes for most people were not deductible as well as state income tax and that had people scrambling at the end of 2017 to pay 2018 property taxes in advance which the IRS later ruled you could not do except in very limited instances. Could you explain why there seems to be a disconnect. It would be nice if people would caviot things that only affect small groups of people. Thanks John Reply Hi John, The new tax reform law that was signed into law on December 22, 2017 placed limits the amount of state and local property, income, and sales taxes that can be deducted to $10,000. In the past, these taxes have generally been fully tax deductible, but now the aggregate can only be $10,000 total. People were scrambling to pay 2018 property taxes in 2017 since they may not get the full tax deduction for 2018 property taxes since the new law impacts your 2018 taxes(the ones files in 2019) Thank you, Lisa Greene-Lewis Reply We are a law enforcement household and file itemized return. We cannot claim our extra expenses like on previous years ? Hi turbotaxlisa, Are charitable contributions included in the $10K max for deductions? Thanks, Chris Z Lisa, I downloaded the estimator app and don’t see any place to specify state income tax or state sales tax. You indicated that both are included in the $10K aggregate. If they are included, how / where do I specify in the estimator app? I’m using Android Just to clarify Lisa. Is the $10,000 total per property or total per household? Thanks Maria Hi Maria, The $10,000 is in aggregate and is the total per tax return. This new law is also for your principal residence and second residence. It would not be for rental property. TurboTax will be up to date with the tax law changes and will guide you through your return at tax time. You will also be able to connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered at tax-time. A TurboTax CPA or Enrolled Agent can also review, sign, and file your return at tax-time. Thank you, Lisa Greene-Lewis Thank you, Lisa Greene-Lewis I never could take the deduction starting 1994. This deduction for me dwindled as the laws changed. Just like charity etc I don’t even bother anymore. So I concentrated on paying off the mortgage and saved 35k. Concentrate more on improving what you have control over instead of filling in boxes on forms just to fill squares. The government doesn’t pay your bills and we all need to empower ourselves. I like turbo tax, 20+ years, and appreciate the advice and empowerment I have gained. Good experience, permanent customer. It sounds like the new law did not change the mortgage deduction. Does the $10,000 limit include the deduction for mortgage interest paid? If a married couple who filed joint in the past has state, and local income and property taxes in excess of $10,000 can they each claim $10,000 if they file separate? Hi….we used a HE loan on primary residence as down payment on rental vacation home. is the interest on that deductible? limited to $10,000. property taxes, state income taxes, personal property taxes Reply Would like to understand the 2018 Itemized deductions versus the $24,000 Standard Deduction, and the disapearence of the Personal Deduction. Reply Hi David, As a result of the new tax reform law being passed the end of last year, the standard deduction increased to $12,000 if you file single and to $24,000 married filing jointly. Typically people who are homeowners can itemize their tax deductions since you can deduct expenses like home mortgage interest, property taxes and charitable contributions. If your itemized deductions are under $12,000 single or $24,000 married filing jointly then you would take the standard deduction. If they are more then you would itemize. If you are right at $12,000 or $24,000 in deductions there are things you can do to maximize your deductions like donate more so you can itemize your tax deductions. TurboTax will ask you simple questions about your deductions and figure out whether you can take the standard deduction or itemize. Regarding the personal and dependent exemption those have been eliminated. You can read more about the changes to the law here https://blog.turbotax.intuit.com/tax-reform/tax-reform-2017-passed-heres-what-it-means-to-you-32864/ If you have questions at tax-time you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered. Thank you, Lisa Greene-Lewis Reply Is there a different deduction and brackets for Head of Household? Can we still file as Head of Household? Are the tax threshhold amounts listed for tax brackets based on gross income or taxable income? Well the point being even though the standard deduction for joint went up, personal deduction is gone the net result is that people file taxes next year in most cases they will pay more especially if they have kids If we are married and want to file separate, will each of us get $12,000 for a standard deduction? If so, does that mean we can each itemize and get the $10,000 for our SALT deduction thereby getting $20,000 for the both of us together? Give us a product to estimate and budget for our tax payments, especially in years like this one. SALT limited to $10K? Bad news that’s 6 months old from a blogger, but I can’t find any substantiation, including the IRS! You guys need to step up and make yourselves more relevant. I’ll pay for it. Reply Hi Jim, You can use TurboTax TaxCaster to estimate your taxes and see how the new tax law will impact your 2018 taxes. The TurboTax TaxCaster app will also give you a side-by-side comparison of your 2017 and 2018 taxes and show you what changed. Here is the link: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ Regarding the SALT limitation, here is the article we published the day the law passed: https://blog.turbotax.intuit.com/tax-reform/tax-reform-2017-passed-heres-what-it-means-to-you-32864/ Thank you, Lisa Greene-Lewis Reply Thank you My big issue with Tax Caster is that it doesn’t do a good job of estimating taxes if you have self employed income. I believe we are now eligible to deduct 20% of that income under certain income limits. Hi Douglas, TaxCaster should be capturing the changes for self-employed. There are a few reasons you do not get the 20% deduction. If you make over a certain income threshold ($157,500 single, $315,000 married filing jointly)the ability to take the deduction starts to disappear. The TaxCaster app will give you a side by side comparison and will show you exactly where the changes are including the 20% qualified business income deduction. https://itunes.apple.com/us/app/taxcaster-by-turbotax-free/id346184215 Thank you, Lisa Greene-Lewis Great Answer! Your taxcaster onto my PHONE? not a chance. Looks like I can run it on my desktop, but you are asking a LOT of questions whose answers are already recorded on my system in the TurboTax filing from last year. (really, I have 20 years of TT history) In fact, you could use last years data to forecast this year’s return, with the proviso that no significant changes are expected. One could go in to make those changes if known. You are putting too much work on me. I pay you annually so the load is lightened, not added to. So I’ll wait until December or January, and just do the form. Widen your horizons a bit when you spend time on these apps, and forget the smart phones! I use a home-based computer for finances, who wants all that out where anyone can steal it, huh? TaxCaster doesn’t work properly. Could only enter 3 digits for income (not wages). When I started over I couldn’t enter my age. Thia has diminished mt trust. Typically, I use a last year’s software to project the current year situation in July and november. Unfortunately, this is impossible for this year. PLEASE SELL PRELIMINARY 2018 NOW. Yes all forms CannI t be filed but we know what the law is subject to updates. I appreciate there is something like TaxCaster but what I would really like to see is an update to the TurboTax software I purchased to complete my 2017 tax return so I can use the estimated taxes feature in that 2017 software to estimate my taxes for 2018. This would require an update to the 2017 software that would be made available when one re-opens their 2017 tax returns and is asked whether they would like to download any available updates. Already on that upper step of relevancy, Jim. Bam! The TaxCaster is useless if you anticipate less income in 2018 because of retirement. Fantastic answer !! Taxcaster does not ask about the various withholdings from your social security like Fed tax, Medicare Part B, Medicare Part D. So it makes TC useless for anyone affected. Plus, if you try to matchup TC to the desktop WhatIf sheet, you get a huge difference in results. So now it’s August and I still can’t figure out if I need to drastically increase my withholding. I worked all of last year – went on Soc Sec this Feb. My husband has been retired. How can I figure tax liability with that change and the new tax law? Thank you Lisa. This info has been available for awhile, and I appreciate TurboTax doing a great job keeping all updated. Thank you for update. I just want to know if the medical expense deduction is available for the tax year 2018 Phone keyboard always fights me. The comment actually was I thought charitable deductions are to be included. Is this not so? Reply Hi Mandi, You can still deduct charitable contributions if you can itemize your deductions under the new law. TurboTax will ask you simple questions about your deductions and figure out if you can itemize or take the standard deduction. If you have questions at tax-time, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered. Thank you, Lisa Greene-Lewis Reply Does this mean that I must be able to itemize $12000 in deductions before I can also deduct charitable contributions? I thought charitable deductions is yicstill be included. Answer please. Reply Yes, they can – if you itemize deductions. The point is that, with the new higher standard deduction, many people will find they do better if they don’t itemize deductions. It now takes a lot more itemized deductions to justify itemizing at all. What you cannot do is to double-dip: to take both the standard deduction and also an itemizable deduction, such as charitable contributions or anything else, on top of it. Reply When will a prototype Form 1040 be available. I would like to plug in my 2017 numbers to see what the tax effect would be. Thanks, Joel Cohn Reply Hi Joel, You can figure out how the new tax law impacts your 2018 taxes by using TurboTax TaxCaster. You can also use the TurboTax TaxCaster app to get a side-by-side comparison of what changed in your tax situation under the new tax law. You can find TurboTax TaxCaster here: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ Thank you, Lisa Greene-Lewis Reply You TaxCaster doesn’t work for Head of Household filing status… It would be nice to have TaxCaster available to download to my PC instead of my data being in the cloud and used via cell phone – pretty clumsy and less secure overall. I am trying to use taxcaster but it keeps asking questions about 2017. The answers are different for 2018 and isn’t that what taxcaster is for anyway? What’s going on? I even signed in as a TurboTax customer and still it wants 2017 information. I have been a long time user of Turbo Tax. I do have a degree in finance and worked as a controller, General manager, Director of Marketing etc. with the 2 largest Hotel chains in the U.S. I am looking forward to sharing my thoughts and getting alternative feedback as well. Reply Sidney, Can you tell me how to figure out the amount of depreation recapture when a rental house is sold if it was used two years as a rental? Like what forms do you need to file and how can you figure it out in the first place. Reply Very good! Nice job and congratulations! Reply Are their any credits for children and childcare Reply My apologies if this is duplicate, but I don’t see my reply from earlier. Is the planning (W4) function in TurboTax 2017 up to date for the tax law changes coming in 2018? I know that there are changes in withholding, changes/limitations in Schedule A, and in the standard deduction. Does the 2017 product take these into account or work under the previous rules? Is it accurate, or do we need to use something else (e.g., TaxCaster suggested here) to ensure that are withholding are correct for TY2018? Reply Leave a ReplyCancel reply Browse Related Articles Tax Forms IRS Form 1040: A Quick Guide to Filing Your Tax Return Tax Reform TurboTax IRS 1040 Form and Schedules Interactive Tool Tax Forms Inheritance & Schedule K-1, 1041 Tax Forms: Trust and Estate Income Explained Self-Employed 1040 vs 1099 Forms: What’s the Difference? 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In 2017 i made a piano recording (CD). till it got finished and put on the CDs and gotten back to me, it was Thanksgiving, 2018. i could only afford to get 100 of them and i have about 45 left over. i sold some and gave others away to bless people. how do i claim this? i’m confused especiailly since it cost me more for all the recording plus licenses than i made selling them. Reply
Just did a test tax return to see what’s happening after Trump screwed us. For the first time in decades, I will have to pay taxes, $784 worth as a single individual. None of my charitable funds qualify. Reply
Can you file deductions on a 401k withdrawal that you paid federal and state taxes on the new 1040 form? Also, can you file for a deduction for an invention the same year? Reply
I sold shares of Prudential stock acquired through their demutualization in 2001. I have been unable to get a cost basis from anyone, and since I didn’t purchase them I don’t know what to report . Reply
My wife and I are retired but we make quarterly tax payments because of the rental income we receive. I am worried about getting stuck with a big tax bill for 2018. I assume rental deductions will be allowed but have not seen any information about allowable deductions. Reply
I filed a claim with my insurance company to replace my roof due to hail damage. The insurance company assessed my damage and paid me (minus my deductible) for a new roof. Is the amount the insurance company paid to me considered income and will I have to pay income taxes on it? Thanks! Reply
Does Turbo Tax plan to issue the “”Estimated Taxes and W-4 Worksheet” for 2018 returns and if so when will this happen? Reply
My husband and I both retired. Our combined pension checks amount to about 48000 ..so will we be able to deduct 24000 with the new tax reform and that’s what we will be taxed on ? Reply
NOT for 2018, but yes for 2019. However, there will be a way to avoid the penalty under some circumstances, such as fewer than three months without 2018 insurance coverage. Reply
For 2018, is home equity mortgage interest for a primary residence deductible if the home equity loan was taken prior to 2018 and used fully to improve the residence? Reply
Today I used the online IRS Withholdings Calculator 2018 to verify that my federal tax withholdings are sufficient to cover my taxes for 2018. I was shocked to learn that my withholdings are way off target and that I will owe over $7,000 if I do not withhold additional monies for the remaining paychecks in 2018!! This comes as a complete shock to me as I hadn’t expected the new tax laws to have such a negative impact on me. FYI, I am single and rent an apt. Reply
I did the same thing…used the tax calculator and was stunned that I also owe over $7,000! I’m single also and rent a house…I take 0 deductions. This is totally unexpected! Reply
In 2018 I took out a home equity loan for a walk in bath tub as I am unable to use a regular bathtub, I also replaced/upgraded windows in my town home. What deductions may I be eligible for related to the loan and improvements? Reply
I do not know about home equity deductions but if you can itemize you can add the cost of your bathroom remodel to your medical/dental expenses. Reply
I have been out of work on a medical leave of absence. I received short term disability payments for 90 days that was 60% of my work wage. I am now on LTD at 60% of my wage. Are these disability monies taxable income? Reply
My question is not so much about the IRS changes but is about changes Turbotax is making to the software that will require me to buy a new computer because the operating system I will need will not run on my IMac. We have not received a tax refund for many years so there is no incentive for me to spend additional money to stay with you. I have been a long time customer so will turbotax be addressing this issue or will I be leaving you? Reply
I have not seen anything to indicate costs for rental property would not be allowed. Money spent for maintaining rentals reduces the money made on a rental so it should be deductible. The whole rental industry would be up in arms if costs were not deductible and since most politicians probably own some kind of rental property, costs are most likely still deductible. I found an early copy of the 1040 form for 2018 but it does not show where rental properties would be entered from schedule E, unless it is lumped in with wages, salaries, tips, etc. on line 1. Reply
I am struggling to estimate our tax impacts from an installment sale of our business. My best guess at the tax laws indicates we could have minimum AMT, and could maintain Cap Gains below $479K/yr to achieve a lower overall tax rate. If we take the full amount without installments, we loose the benefit of the first 79K at the zero Cap Gain rate per year, and push 2M or more into the 20% rate. The only complication is keeping us below the AMT thresholds and I can’t find any software to do this properly. Even turbotax does it wrong and adds in a NIT tax on the gains, when it would not apply to our sub s sale. When will Turbo tax get this fixed? The estimator in Turbo tax is not using the 2018 AMT calcs or tax laws in general. Reply
I got divorced this year, How does that affect my taxes and deductions? ie dependents, and mortgage interest? Reply
How do I find out the tax brackets and what the taxes will be for each bracket. We did not do any prepaid tax so far. Are we going to get hit hard? Reply
That’s all fine and dandy…. WHEN WILL TURBO TAX RELEASE 2018 PRELIMINARY for download. I usually use last year’s to compute this years, but now is impossible. I need to make proactive adjustments now, not in December or January. Reply
I just went through the tax forecaster in an attempt to see how my 2018 return might differ from last year with the new rules. No help at all. I have used turbotax for years and all that old 2017 tax information should already be in your system. Why when using the tax forecaster do I need to reenter all that 2017 data? Don’t you have a method of using existing 2017 data and running it against the new rules and coming up with an estimate for 2018? Reply
Hi Norma, Yes, they still are deductible if you can itemize your deductions and your medical expenses are more than 7.5% of your adjusted gross income. You can itemize if your deductions like home mortgage interest, property taxes etc are more than $12,000 single and $24,000 married filing jointly. TurboTax will ask you simple questions and give you the deductions and credits your eligible for based on your answers. If you have questions, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent at tax-time. Best, Lisa Greene-Lewis Reply
Why does taxcaster require me to enter all of my 2017 information? I just want to know my 2018 tax liability? I asked this question a month ago and you never answered it. Reply
Hello Lisa, I asked a question about a month ago but didn’t see a reply. My divorce finalized in July of this year. Do I need to complete any paperwork before filing taxes for the 2018 tax year? Thank you, Jody Reply
Me and my fiancé have a son together and are living together. She draws social security will I be able to claim her too. And if so how much can I expect to get back for her and my son. Reply
I’m getting a job discrimination settlement. I don’t think the lawyers can be written off this year. Is that true and what about Social Security wages and Medicare tax? Do I have to pay them in? Reply
Now that there are no exemptions for dependents can my daughter take the $12,000 standard deduction for single taxpayers for her summer job. Reply
Hi Roslyn, The dependent exemption is eliminated, but you can still claim her as a dependent so that you can claim other tax benefits for having dependents like the Child Tax Credit or education credits and deductions that you can only take if you claim someone as a dependent. TurboTax will easily walk you through the deductions and credits and give you the tax deductions and credits you’re eligible for. Remember if you have questions, you can also connect live via one-way video to a TurboTax Live CPA or enrolled agent to get your tax questions answered at tax time. Thank you, Lisa Greene-Lewis Reply
Can my 21 year old college student get the single taxpayer standard deduction of 12,000 if she is my dependent for the college tax credit
If I am single mother will I still get the same earned income tax as before? Have any of the dependent laws changed? Reply
Hi Rhonda, The dependent exemption of $4,050 was eliminated, but you can still get tax benefits for having a dependent like the Earned Income Tax Credit, the Child Tax Credit, and the Child and Dependent Care Credit. TurboTax will ask you simple questions and give you the tax deductions and credits you deserve based on your answers. If you have questions you can connect live via one way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered at tax time. Thank you, Lisa Greene-Lewis Reply
Hi Alvaro, For 2018 the limits are $5,500 and $6,500 if you are 50 and over. Thank you, Lisa Greene-Lewis Reply
What are the consequences of a 401k distribution in tax year 2018 and can we anticipate changes in those consequences in tax year 2019? Reply
Hi Thomas, A 401K distribution will be taxed at your tax rate unless you rolled it over to another plan within 60 days. It can also put you in a higher tax bracket since it is added to any other income you have. If you are under 59-1/2 you may see a 10% tax penalty unless your distribution was due to a hardship. We will keep you posted on any upcoming changes for tax year 2019. Thank you, Lisa Greene-Lewis Reply
Hi,Lisa, I am single and when I do my taxes for 2018,do you still get standard deduction of $12,000.00 in 2018 plus Exemption of $4.050.00 for yourself. Thank You or just $12,000.00 Reply
Hi Bruce, The personal exemption and dependent exemption of $4,050 is eliminated for 2018, but yes you can get the standard deduction of $12,000 if you are single. TurboTax will ask you simple questions and give you other tax deductions an credits you’re eligible for based on your answers. If you have questions, you can also connect live via one-way video to a TurboTax Live CPA or Enrolled Agent at tax time. Thank you, Lisa Greene-Lewis Reply
Hi Bob, You can use TurboTax TaxCaster which gives you an estimate of your tax liability and gives you a side-by-side comparison of 2017 and 2018. The TurboTax TaxCaster App also tells you what changed in the side-by-side comparison. https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ Thank you, Lisa Greene-Lewis Reply
I am 73 year old and still work, I make around 42000.00 per year. My ss is 18156.00 per year, My husband does not work his is 5376 per year and I have a 7 year old and 9 year old and they each get 5376 per year. How much of this is taxable. I pay 4800. per year for insurance on the two girls. Reply
My husband is an over the road company truck driver and we have been able to deduct all of his non reimbursed expenses which is everything he needs while on the road. Are you saying we will no longer be able to deduct any expenses? Reply
Regina- there is an answer below from me. I have been taking tax courses this year for my job and am working on one for the Tax Cuts and Jobs Act.
You will be deduct expenses just like you always have. (Paragraph 5 ) They only changed the look of the 1040 form and combined 3 into 1. Reply
I am also a company over the road truck driver I was told we can no longer deduct perdium, or non reimbursed expenses.
Some things are still on Schedule A but not the employee unreimbursed business expenses. That is totally eliminated.
I notice there are several question o standard deduction for over 65 but no answer would like an answer. Reply
Hi Daniel, If you are 65 or over, blind, or disabled you add on $1,600 to the standard deduction if you are single or head of household and $1,300 per person over 65 and over, blind or disabled if you are married filing jointly. Thank you, Lisa Greene-Lewis
Hi Lisa, Do I have to be 65 and disabled to claim the extra $1600 deduction married filing jointly? I am disabled but only 60. Thank you. Gary
Gambling losses, up to winnings are still there, but you have to exceed the standard deduction to use them. Reply
Hi Bruce, You can report your losses up to your winnings if you can claim itemized deductions so your deductions like mortgage interest, property taxes, etc need to be more than the standard deduction($12,000 single and $24,000 married filing jointly). TurboTax will figure out if you are eligible for standard deductions or itemized deductions based on your entries. If you have questions you can connect live via one-way video to our TurboTax Live CPAs or Enrolled Agents to get your questions answered at tax time. Thank you, Lisa Greene-Lewis Reply
Lisa, as an independent contractor will I still be filling out Schedule C and using the long form of 1040? Linda Reply
Hi Linda, If your income is reported on a 1099-Misc or 1099-K you will report your income and business expenses on a Schedule C. Your net income or loss still goes on the 1040. TurboTax doesn’t make you know or fill out forms. TurboTax Self-Employed will ask you simple questions about you and your business and give you the deductions and credits you’re eligible based on your entries and will put the information on the correct forms. Thank you, Lisa Greene-Lewis Reply
As a truck driver, I have always claimed the D.O.T per diem on my taxes each year, and itimize my unreimbursed business expenses. Will this still be available for 2018 Taz year? Reply
Yes – they just changed the looks of the 1040 form. You’ll still claim deductions as you always have Reply
REGINA BLACK: No ….If the D.O.T. per diem is for a company driver paid on a W2, that deduction and other unreimbursed business expenses are gone starting 2018. Nor can anyone write off union dues, continuing education that does not qualify for education expense at a certified post high school college/job training, etc.(ie conferences and seminars). Nor can teachers write off more than $250 of classroom expenses paid by themselves. Skilled trades cannot write off tools and unreimbursed mileage or other expenses. There is no write off for unreimbursed business expenses for anyone paid on a W2. Only someone with their own business paid on a 1099 Misc. as an independent contractor filing a Schedule C can write off expenses.
Hi Lisa, Previously you stated: “The new tax reform law that was signed into law on December 22, 2017 placed limits the amount of state and local property, income, and sales taxes that can be deducted to $10,000.” “The $10,000 is in aggregate and is the total per tax return. This new law is also for your principal residence and second residence. It would not be for rental property” Could you please clarify your comment above regarding the SALT not being for rental property, specifically in CA. Are you saying there is no limit and SALT’s are fully deductible for rental properties and the $10,000 limitation only applies to principal and second residences? Reply
Hi David, Yes, it only applies to your principal and second residence and not rental property. Thank you, Lisa Greene-Lewis Reply
It would be helpful if TT could re-develop TaxCaster to import my 2017 tax forms. I’d pay to use that that! Reply
Thanks TurboTax…you’re way ahead as usual. Been using you for years and you haven’t disappointed yet…Sheila Reply
Standard deduction for joint filers both over 65. Do we still get an additional amount or is 24k the amount for all? Reply
My husband and I are over 80. We were able to double our personal exemptions in 2017. Is there any provision to cover this loss? Reply
IRS Code. My 401K plan coded my withdrawal as a Code # 1, since i’m using an exemption 72T can I change this when I file my taxes or should I call them and have them change the code? Reply
The simple answer is no. You were never limited to only one distribution from your IRA/401(k). You must be thinking about roll-overs, some of which are restricted to one per year. Reply
I have used turbotax happily and successfully for the past 10 years…. After receiving an email from turbotax, I ordered my 2018 Program on line yesterday using turbotax “pay when you file option”… This was a big mistake on my part.!!! PLEASE CANCEL THE ORDER… I will reorder later this year… The reason for the cancellation is that I filed an extenton for my 2016 taxes in april 2017 and will not file until sep 2017.. when I started to answer all the questions that the 2018 program asked they stated I could not use my email address because someone else also has an account with the same name … I just want to go back where I was 3 days ago…. Right now I can”t open my 2017 program and I can’t log in to my account…. I got myself into this but Please help me get out of it… Looking for a prompt reply…Thanks for your help. .. Ron AZ Reply
Hi Walter, Yes as long as you itemize your deductions and your medical expenses are over 7.5% of your adjusted gross income. Under the new tax law your deductions like for home mortgage interest, property taxes, etc need to exceed the new standard deduction of $12,000 if you are single, $24,000 married filing jointly in order to itemize. TurboTax will be up to date with the new tax law and will give you the tax deductions and credits your eligible for based on your answers. If you have a question you can also connect live via one-way video to a TurboTax Live CPA or enrolled agent to get your tax questions answered at tax time. Best, Lisa Greene-Lewis Reply
Does this mean that I will no longer be able to deduct medical expenses and job related expenses? Reply
Hi Jean, You can still deduct medical expenses as long as you can itemize and your medical expenses are over 7.5% of your adjusted gross income. Unreimbursed job related expenses if your are a W-2 employee are no longer deductible under the new law. TurboTax will be up to date with the new tax reform law and will give you the tax deductions and credits you’re eligible for based on your answers. If you have questions you can also connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your questions answered at tax time. Thank you, Lisa Greene-Lewis Reply
Hi, The dependent exemption that was $4,050 for each dependent is no longer deductible under the new law, but there are other deductions and credits you can take for your dependent like, the Child Tax Credit that increased to $2,000 per dependent under 17, the Earned Income Tax Credit which can be up to $6,431 with 3 or more kids, and the Child and Dependent Care Credit. Thank you, Lisa Greene-Lewis Reply
Hi John, The new law suspends all miscellaneous itemized deductions, which includes financial planning and brokerage fees beginning with your 2018 taxes. Thank you, Lisa Greene-Lewis Reply
Hi Lea, You can no longer take the dependent exemption of $4,050 per dependent, but you can take other deductions and credits for your dependent like the Child Tax Credit that increased to $2,000, Child and Dependent Care Credit worth up to $1,050 with one child and $2,100 with 2 or more kids, and the Earned Income Tax Credit worth up to $6,431 with 3 or more kids. TurboTax will be up to date with the latest tax laws and will give you the tax deductions and credits you are eligible for. You will also be able to connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered at tax-time. Thank you, Lisa Greene-Lewis Reply
I am retired. Has the maximum amount earned before SS pension becomes taxable changed? For 2017, that amount was 25000. Thank you. Reply
I file single and Itemized, my deductions with property taxes are about 28k, will still be able to itemized and take deductions or what woukd be the limmits using the same numbers? Reply
my itemized deductions consist of property taxes, realized lose, donations, medical situations. Reply
For 401K withdrawals, is the exemption for the 10% penalty still in effect for Retired Public Safety Officers who retired on or after attaining the age of 50 on distributions before reaching 59.5 yrs old? Reply
What will be the amount of the standard deduction for individuals/married filing jointly for those over 65 years of age? Reply
Has anything been done for the penalty of taxing Social Security Income? Last year if a person earned over 32K, their Social Security was taxable at the current tax rate for their income. The amount of tax will be 85% of the Social Security Income. I was able to find out this lase year. 85% of my Social Security was taxed at 25% because I have some earnings during the year that pushed my total income up. My example is as follows: If a person earn 31.5K including Social Security would not tax my Social Security at all. However if I earned just $1,000 more, I would be paying taxes on 85% of my total security at whatever tax rate I will fall in. That could be a huge penalty. It should be starting at $35K and slowly increase up to a total of $120,000 before the maximum 85% is taken. I havealready written my Congressman about this and have not yet heard a reply. Reply
I have a specific situation involving drawing social security while working as a W2 employee in the year I turn 66. Is there a CPA I can speak to about this in regards to 2018 tax planning? Reply
What is the status of preparing Schedule C for individuals. Is there any documentation available for understanding the what is changing regarding schedule C? Reply
Why haven’t you answered my questions? I have been a TT users for over ten years, but this lack of response bothers me. Reply
How about foreign income taxes? Up to now, you were able to either take a credit or as a deduction on Sched A on the line for other taxes. Does it fall under the $10000 limit? Reply
I have a general question. doing my taxes for last year and when I loaded the app from disk, it did not import my prior year data. Having a schedule C, it is important that everything load. Can you coach me through it with easy instruction? or point me in the right direction, either phone number or email to get help quickly? Reply
I work for a railroad and travel several times monthly out of my home terminal and state. Sometimes I am away from home for more than 2 or 3 days. One question is will there be any perdieum or a different tax write off. Reply
I need to take a withdrawl from my Roth IRA and I am under 59 1/2 and will be filing married but filing separately. I want to take out taxes upfront. How do I calculate my taxes Reply
In previous years the electronic version of turbotax did not include the “QCD” for qualified charitable distributions from IRAs and 401Ks, though it was included in the print outs I got on my computer. I talked to the IRS, and they told me that omission is common. Has that omission been corrected. It caused me a huge headache and caused me to not file electronically in recent years. Reply
Has employee business expenses been eliminated? From what i see people over 65 will be hurt by these new laws. The new standard deduction amount and elimination of the dependent deduction is less than before. Reply
As you stated above: “The new tax reform law that was signed into law on December 22, 2017 placed limits the amount of state and local property, income, and sales taxes that can be deducted to $10,000.” “The $10,000 is in aggregate and is the total per tax return. This new law is also for your principal residence and second residence. It would not be for rental property” Lisa, please clarify your comment above regarding the SALT not being for rental property, specifically in CA. Are you saying there is no limit and SALT’s are fully deductible for rental properties and the $10,000 limitation only applies to principal and second residences? Thank you, David L Reply
How does the new tax law affect single parents with one child will they have a higher tax than before? Reply
I have a question regarding the new standard deduction. In years past there was an additional amount given to those over 65. Has that been eliminated and the new amount is 24K regardless of age? Reply
Hi Bob, The amount for 65 and older, blind, or disabled has not been eliminated. If you are 65 or over, blind, or disabled you get an additional $1,600 added on to the standard deduction if you are single or head of household and $1,300 per person added to the standard deduction if you are married. With TurboTax you don’t need to know these calculations. TurboTax will figure it out for you based on the information you enter. Thank you, Lisa Greene-Lewis Reply
Hi John, If you were already paying alimony prior to 2018, then you are grandfathered in and you can still deduct alimony. If you begin paying alimony in 2018 you will not be able to deduct it since the new tax reform law eliminates the deduction beginning in tax year 2018. Thank you, Lisa Greene-Lewis Reply
Are there any other changes to lines 25 through 35 on Form 1040 beside the elimination of the alimony deduction? Thanks.
Alimony is granted prior to 2018. What happens if you are taken back to court & it is increased? Then what would happen?
Hi Lisa, when can I expect a reply regarding he questions I asked about folks over 65 and blind? It is the next down set of questions “awaiting moderation.” What does that mean? You don’t know the answers yet? Would appreciate information. Thanks.
My son lives with us. He turns 17 in October 2018. He does not work. He is in high school full time. How much is the child tax credit for him? Thank you. Reply
I’m semi retired and have a part time job. I get my my assignments at home and travel to my assigned location for that day. Each day is a different location. Last year I could deduct my mileage as a non reimbursable expense. Will I still be able to deduct my mileage this year ? Reply
has anything been built that allows me to estimate 2018 taxes with all the changes using 2017 information? Reply
I was recently widowed. My husband for many years filed with TurboTax; he was a former Comptroller and CFO at two major steel companies. Unfortunately, his sudden death has derailed me as I don’t have his financial understanding. Do you think TurboTax is for me or should I get a tax attorney? We only have one residence and our income comes from investments. My husband always paid his taxes when we withdrew funds. Reply
You do not mention medical expense deductions. Are medical expense deductions available for 2018? I am a longtime user of TurboTax. It you have the wrong email address. Reply
TurboTaxLisa, Great information. On the 2018 tax deductions are Gaming Wins still deductible up to the limit if you qualify for itemizing. For instance if you win $30,000 but lost $40,000 can you still write off the $30,000 as in the past? Reply
Are there going to be any changes in 401k deduction taxes? Also in Capital Gains tax? Thank you so much! : ) Reply
I am a married filing jointly multiply handicapped and claimed $20,526 medical deduction in 2017, in addition to my other tax deductions. Will any of this be deductible in 2018? Reply
Is it possible to do a mid-year “test” return to see how i am tracking for the year-end? I don’t want to get to the end of the year and find out i owe a lot because our withholdings were automatically adjusted down at the beginning of the year due to the changes in the tax tables. Reply
Based on everything I’ve read so far, it appears that the new Fed standard Deduction will exceed our itemized deductions. If so, can we still itemize for New York State, assuming that it exceeds the NYS standard deduction. Thanks for your advice. Reply
Can you provide the new Standard Deduction for other filing types such as Head of Household, Married- Separated Head of Household, etc. Reply
I am married and have one college student. Will I be able to get the American opportunities tax credit or will I only get it if my deductions exceed $24,000? Reply
I’m trying to estimate and pay Fed Taxes each quarter. As a retired couple how is the Fed Tax computed on Social Security Benefits? Reply
I am retired but have to work part time to maintain a residence in Maryland. My income is just over the limit for a married couple. Will Social Security continue to be taxed in 2018. Reply
I just received life insurance proceeds upon the death of a son. Is such taxable and should I prepay some toward next years taxes? Reply
How are the deductibles for rental properties affected? Will you be able to still deduct property taxes as a separate line item different from your primary and secondary properties? Are there other deductions affected with rentals? Reply
Federal tax law is at least manageable but the changes in MD are significant. Are there are any apps to estimate the MD state tax? Reply
My divorce was finalized last month. Do I need to file anything with the IRS to alert them or would I just wait until I file in 2019? Thank you. Reply
For charitable tax donations how does this work now? I’ve been told that they won’t help me this year. Reply
In 2018 will investment advisory expenses be deductible? I use a financial planner and saw nothing in your TurboTax TaxCaster that related to those expenses when inputting data for 2017. That being the case, your grossly underestimated my total tax bill (line 63), or overestimate the amount owe (line 73). That being the case, I don’t believe the TaxCaster calculations for 2018. By the way, I could not get to this blog after I logged into my TurboTax account. All I got was pages that wanted to sell me a product and did not have a link to this blog. Reply
I am planning to take a trip to another state to take an accredited course that will greatly benefit my job. Is it possible to take a deduction for the class and traveling expenses? Reply
I am a work from home person ,What impact will The new tax laws have on deductions that was allowed in 2017? For example home office expenses . Reply
I have an existing home equity loan, will I still be able to deduct the interest with the new Tax Code? Thanks Reply
I drive for Uber and Lyft. In years past I deducted mileage. Will I be able to continue deducting mileage or is that part of the new $24,000.00 standard deduction for a couple? Reply
For 401K withdrawals, is the exemption for the 10% penalty still in effect for Retired Public Safety Officers who retired on or after attaining the age of 50 on distributions before reaching 59.5 yrs old? Reply
Can I deduct my 90 year old mother still as a dependent? (She is now full time in a nursing home since the end of 2017. I’ve claimed her when she lived under my roof.) Reply
In 2018, will I still be able to deduct charitable contributions that are made in the form of non-cash items (such as clothes, household items, etc.), as was possible before the tax reform law? For example, for the 2018 tax season, can I still deduct the market value for clothes and household items donated to Goodwill? Reply
Can I use this form, if I have a spouse who passed away in January of this year, or do I need something else? Reply
If you receive settlement money from the Employer (Federal Government agency) due to EEO complaint, is this money taxable or not? Thanks. Reply
under the new tax laws, is it not worth having charitable deductions unless you are over your the standard deduction? Reply
Are there still deductions for health insurance and medical expenses? Gordon Sorensen Augest 5, 2018 Reply
Hi Lisa, i am filing single, head of household with my father as my dependent, he just passed away a few days ago. What can you advise me, so that I can still get my money back, thank you Reply
Please explain the private high school tax deduction of $10,000. Our daughter will be an 11th grader and this deductions will be an enormous help. Thank you. Reply
Can I make a Qualified Charitable Deduction QCD gift from my IRA (I am 72) to a donor advised fund? Reply
COUPLE FILING JOINTLY. STSNDARD DEDUCTION IS $24000.0. HOW ABOUT BOTH ARE ABOVE 65 YEARS OR OLDER. IS IT $24000 OR $26600? VAN YOU REPLY. THANK YOU Reply
When will tax forms be available? My mother in law’s estate can’t be settled until taxes are filed( she only lived one month in 2018) Reply
I have turned 70 in 2018, i am aware i need to withdrawal from my 401K and IRA. Do i need to withdrawal from both accounts or is there a standard amount to withdrawal? Reply
Will health care insurance payments, Long Term Care payments and generally what was previously deducible along with Medicare health continue to be deducible. I average $25,000 a year between my wife and it has been significant in itemization filing for us. Reply
Can you provide a actual summary of the changes to help with tax planning? All these questions are a result of your lack of actual information on the tax changes. Reply
My husband is in a union and works out of town quite a lot. Will he be able to write off his travel expenses as itemized deductions? He does NOT get any reimbursement from his employers. Will he be able to use the standard federal per diem rate? Reply
I have a long-term capital loss from the sale of investment property. Will the $3,000 LTCL still be available on the new 1949? Helen Reply
I thought I read that the standard deduction for taxpayers over 65 is $26,600. Is that correct? Reply
why did you not list that,medical expenses and donations are still part of Itemized deductions;? You listed only home mortgage interest, interest on home credit loans, property taxes, and some local and state taxes. Reply
With the new tax laws will people like me raising are grandchildren(s) be able to get the the child tax credit, I’ve never been able to get this since I’ve had them last 9 years (I have full custody of them) because I have no taxable income (disablty from Veterns Affairs, and Social security) ? Reply
TurboTaxLisa, you’ve done an outstanding job answering all of these questions. Just wanted to throw some props your way. Reply
You need to clarify: 1) There are no longer any “exemptions” and 2) there are increments in the standard deduction amount for anyone above the age of 65. Reply
I overestimated my 2017 state income tax and claimed whole amount on my 2017 Federal income tax return itemized deductions. Will the refund received in 2018 be taxable on my 2018 federal income tax return? Reply
How will contributions of goods be handled? I am downsizing and will have a lot of contributions of goods. I normally take pictures, get a receipt from the charity and use Turbo Tax to estimate the amount the item is worth. Reply
Will Turbo Tax tell me the impact the new law has on me by comparing what my taxes would have been had the new law not passed to what they are now using the new regulations? Reply
Any idea how this will impact State taxes (Maryland, for example). I won’t be able to itemize next year because of the $10k limit and will use the standard $24K deduction. This is less than I used to be able to itemize. For federal taxes it comes out about the same with the lowered bracket percentages. But for state, my taxable income is going to appear to be higher and my taxes will likely be going up. Reply
I’m still confused. You told Maria the $10,000 limit on property tax deductions was “in the aggregate”(which I interpret as including rental property taxes) and you said that included a principal residence and second home, but then added that rental property was not included under the new law. So rental property tax deductions are or are not still allowed. Reply
What are the changes for rental property. I own a two unit. I plan to do some major improvements of $15,000 or so. Will these still be handle as in the past? Reply
What about medical deductions, mileage to and from doctors, non-prescription, doctor-ordered medicines, medically necessary devices not made for by Medicare/Medicaid, etc? I do not own property, but spend a large chunk of my Social Security Disability on such items. These were always deductable and gave me a modest refund every year. Are medical costs, co-pays, etc, no longer deductable? Reply
Question. With an adult child who is unable to work but not yet on ssi, will there be a deduction for her care? Thanks. Reply
Hi Lisa, What is the formula to figure out house depreciation if you have a rental? I think it was between line 18-21. I wasn’t able to figure this out. Thank you, Lisa Reply
I find the Turbo tax form for Missouri, has the question for receiving social security, or not, reversed from the Missouri tax form, which has been causing confusion the last two years. Reply
Mississippi DOR website indicates you can deduct the standard deduction on your 1040, but still deduct all your itemized deductions minus state income on the Mississippi state income tax return. They say use the Federal Scedule A as a worksheet. Will Turbo Tax handle that automatically. Glad to see that did not change, sincer their Standard deduction is less than $5,000 for married couple. Reply
Does the standard deduction increase for taxpayers 65 and over and for blind people as well and if so how much? Reply
Comments are great, but I have one question I did not see asked. Are the deductions for medical still aiiowed: like premiums for insurance: etc? Reply
What about self employment deductions? Are still,able to deduct the expenses from the gross profit? Reply
I have been filing ‘married filing separately’ since our separation. Now, I heard I can file ‘married filing jointly” even when I am still living in my own residence. Is this true and is there any negative consequences? Reply
If you rent out part of your home, how does that impact the $10,000 limit on property taxes and mortgage interest? If the house were fully leased and not partly owner-occupied, all the taxes and interest would be deductible (with certain limits regarding passive income). Reply
Will the deduction for “born before January 2,1953” for the elderly still be an option, which increases the standard deduction amount? Reply
We have been using Turbo Tax Home and Business because of self-employment (1099) income. And, we are paying estimated taxes. If, though, we qualify for the Standard Deduction, will it be necessary to use Home & Business or can we use a lower version? Reply
Are there any changes to small business deductions and itemization, specifically for sole propriatership. Reply
Will Turbo Tax have an updated 2018 tax year “estimator” before the end of this tax year AND if so by when? I want to estimate my taxes under the changes made by Congress and the IRS – IRC. Reply
Did the new tax laws change capital gains on selling a house or anything associated to selling a house? Reply
Will there still be a Turbotax Premier and Turbotax Business and are they affected by the new tax law. Reply
Are Medical Premiums and other medical costs deductible including some costs for living in a Continuing Care Retirement Community (CCR)? Reply
I sold my home and am wondering about deductions for capital gains. I am purchasing a home in Mexico as my primary residence. Is this deductible from my profit from the sale of my home in the US? Reply
Will TurboTax provide a tool to calculate what my 2018 taxes will look like with the new tax law? Reply
We have very high medical expenses, like premiums and doctor bills, are they going to be deductible under the new tax code? Reply
Question to the TurboTax Experts, Are “Home Equity Loans” going to be deductibles (the Interest) on next year taxes? Reply
I will have a net operating loss in 2018, the result of the sale of an investment property. I worked out the details using the regulations before the tax changes. Are there any changes I should be aware of, as I should not need any estimated payments as the loss will offset income. Thank you. Reply
How about the deduction for using a private car for business. Virtually all home health staff from MD to CNA needs these deductions. And there are others too who need this deduction . Reply
I have investment income, as well as business income and deductions. What forms will I need to use and how will Turbo Tax help? Reply
So we are eliminating the use of 2 forms…1040EZ & 1040A but adding 6 more forms to accommodate the change? Sounds like progress to me! Reply
Will you be able to take deductions for charitable contributions to Goodwill or other organizations that accept gently used goods? Reply
In prior years there was a $25000 pension deduction allowance for social security, subject to other income earned. Has that allowance disappeared? Reply
In previous years those over 65 and or blind received an extra deduction. Has this been eliminated? Reply
I’ve been using turbo tax for a couple of years for my personal taxes, but I’ve recently started an llc while still maintaining my position at my payroll job. My question is which TurboTax should I switch to Reply
I started a sole proprietorship solely owned by me this year. How do my husband and I file? We normally file jointly. Which turbotax version do i purchase? Reply
What happens to folks who are self-employed and have been using Schedule E? Has that gone away? Where will we enter business income and expenses? Reply
Good Morning Lisa, In regard to the new (and improved …) standard deduction, will there be a higher amount (that is above the $24,000.00 …) for those of us over 70 ? If I remember correctly, the old standard deduction of $12,000.00 (or so) went up to $15,000.00 (or so). Look forward to receiving your reply and thank you !! Reply
In TurboTax Deluxe 2017, does the tax planning flow (W4) take into account the new changes in Tax law (e.g., greater standard deduction, limitation of deduction of taxes on Schedule A, etc)? I want to make sure that my withholding is correct for this year. Reply
when will you produce an estimating tool so that people can adjust their withholdings? I know that many companies have according to formula for their employees. there are millions of us out there that need something to calculate the new tax law impact. Many are retirees, independent contractors, etc. You are missing an opportunity. Reply
I am interested in doing a mock return for 2018, so I can determine how much I can take out of my IRA, without a significant tax consequence. Is such a tool available from Turbo Tax? Reply
I own a home with my partner we share 50/50 deductions for mortgage interest and property taxes. I also own a townhome with my daughter because of her financial situation. We both are in the mortgage. She has no income I pay the property taxes and insurance. This taxes would be more than the tax I claim on my property I own with my partner. Can I claim the taxes on the townhome instead? Reply
If using IPad next year, is there a way to connect previous year(s) computer stored TT to generate the boiler plate information ? Reply
My main issue from last year was the inability to see the actual tax form as well as following the program question and fill in-areas. This used to be available. Reply
Upon further review of my last two returns, I notice that there is a age question on line 23a. Could this have affected the value of my standard deduction, and if so, will there be a similar age question on the 20181040 form? Reply
I presume those of us with a business (pass-thru) and other deductions will have to do a “deduction” version of Turbo Tax and then see if we are under or over the standard deduction figure, right? Or is there a a shortcut? Reply
Will a version of TurboTax for tax year 2018 be usable on a MacBook Air upgraded to High Sierra OS? Reply
Do you know the impacts of new law on State Income returns.Some States,like Louisiana use some of the Federal data to determine State taxes. For example, some of itemized deductions are used to lower your State tax. If I use the new $24000 deduction, will my state tax go up? Reply
How does turbo tax compute when you work a partial revenue year, and the remainder you collect social security. Reply
How does this simplify things when you the tax law requires the addition of 6 more schedules ? How stupid ! Just because the three 1040 firms are consolidated doesn’t simply things if it requires the addition of 6 schedules !!! Reply
I just looked at my 2017 tax return generated with TurboTax and my standard deduction was $15,200 and my personal exemption was (for 2) $8100. I filed as married filing jointly with my wife and I taking personal exemptions. This adds up to $23,300. If all of this is being replaced by a standard deduction of $24000, I save a whooping $700! What a scam! And why was my calculated standard deduction $15,200 when you keep reporting that last year’s standard deduction was $12,700? Reply
I was reading about changes in taxes on capital gains. Based on having a much lower income (we are both retired and only one of us is collecting Social Security at this time) I am thinking I may not have to pay any taxes on my long or short term capital gains. Do you know what these new limits on income are that impact taxes on capital gains? Reply
I am confused. Can we still deduct Medical expenses, medical insurance premiums, Long Term Care Premiums, as well as state sales tax. Al Kissling Reply
So if my mortgage interest is lets say, 21,000 a year. My property taxes 6000, state taxes 10,000 and charitable 8,000? I can itemize A. 21,000 mort int. + 10,000 for property, state (max) plus charitable for a total of $39,000. Or, B. 10,000 mort int, prop taxes 6000, state tax 10,000 (max) are all inc in max 10,000?plus charitable of 8,000 Which would mean I use the 24,000 + 8,000 charitable for a total of $32,000? Reply
What about folks 65 and older? My understanding is the standard deduction is increasing to $13,500. Please address. Reply
Hi Lisa, What product should I use for working in multiple states CT, DE, VA, MD for my 2018 tax return and will I have to file them by mail or can I e-file them? Thanks, Ed Hawes Reply
Hi Lisa. I am small busness owner and I believe I qualify for the “pass through” deduction, however I have employees. The calculations are quite complicated. Will Turbo Tax for business be able to calculate the proper metrics? I have used Turbo Tax for over 20 years and depend on it for my business! Clark Reply
Are transportation workers…Airline pilots and flight attendants still able to deduct their travel expenses?? Overseas traveler here. Reply
Currently, dividends are not taxable if you are in the 15% tax bracket. Does that continue? Also, have there been any changes to the amount of social security income that is taxable? Reply
What about the exemptions for folks over 65 (retired)? And those who are legally blind? Those exemptions no longer apply? Now, the old folks in retirement only get the double exemption like a 30-something married couple who are still working and get a paycheck? Reply
I have a child who needs tutoring to help her with her Dyslexia and ADHD. How do I deduct this from my taxes and what documentation do I need to do so. Reply
If I used Premier in the past for investment earnings or gain/loss on sale of investments, which version will I need for 2918? Reply
I see this situation happening for me. I live in Arkansas and I believe that I will benefit from itemizing on my State Tax Return but will not have more than 24,000 in deductions for the federal return. Will Turbo Tax recognize this and file my returns accordingly. I have used Turbo Tax for many years. Reply
I don’t feel very good about the constant updates I still get every-time I open TurboTax, even still get them after April 15. TurboTax may be ready but the Feds and States must not be! I always feel that if I allow the updates then you will change my return I filed back in Feburary. Why can’t the IRS get things right or at least wait to make changes? Reply
I became a widow in Aug 2017, how will that affect my filing, I will still have stock and bonds Reply
if I used the standard deductions last year and everything else remains the same will my taxes reduce and by how much if my tax rate was 25 percent? Reply
For 2017 I could not download my info from TD Ameritrade Institutional – when I logged in to get the info, TD Ameritrade didn’t recognize me because I’m with their Insitutional segment (password doesn’t work at the TD Ameritrade website). Will you add the “Institutional” segment for 2018 to make it possible to download the info rather than doing it all manually? Reply
This upcoming Tax Time 2017 is in Feb 2018. so… 1.yes ,We should keep our “Donations to Charity” forms to be able to claim their value toward a refund as a home owner at this upcoming tax time, or… 2. No, We are not able to deduct our “Donations to Charity” and there is no need to collect forms to be able to claim their value toward a refund as a home owner. Reply
Does the new tax changes eliminate the taxing of the Seniors Social Security income i.e. old form line 20a/20b? Reply
My wife has been receiving disability payments from her employer since 2016. They also had her apply to Social Security for the disability payments. Social security finally granted her the disability payments retroactive to 2016, but she had to repay most of that to her employer. Will one of the TurboTax products help us with that return do we only have to pay taxes on her portion from Dovisl Security she did not have to repay to her employer? Reply
Above you say that one can deduct interest on home equity loan if used for home improvement. Does this remain true? I thought home equity interest was not going to be deductible. Reply
can i deduct interest for a home equity loan that was used as a down payment for my rental property? Reply
I’m retired and could basically use the simple IRS Tele-file, except for a legacy HSA account (old HSA from previous years Health Insurance choice). My question is, do I still need to file a long, unnecessary, 1040 because of this old HSA account that I still have ? Reply
Do we still need to bother with entering information from K-1 Forms on the new tax returns ? Sometimes entering these forms is complex and it takes a lot of time until the companies come out with them. Sometimes as late as end of March Reply
I have a suggestion, link Taxcaster to Turbotax 2017 to quickly see what our 2018 tax liability might be. Make it easier on Turbotax users. Reply
Im a self employed senior fitness instructor with a number of expenses. Certifications, trainings, business licenses, education, mileage, promotional, class expenses….can i still deduct all that? Reply
How does the new tax law effect retirees over 65. Does our standard deduction go up to $26,500 or does it stay at $ 24,000 Reply
Are IRA contributions included in the standard deduction or are they in addition to that deduction? Reply
As an employee with a 1040 who is in outside sales are these deductions still available My wife is a 1099 employee but also has traveling expenses What are the diffeences Reply
In one of the questions it was stated that the 2017 standard deduction was 12,700. In the Turbo Tax work sheet, it indicated that 2017 standard deduction was 15,200. What was the work sheet referring to? Reply
I have been using Turbo Tax a long time. I am a senior citizen and concerned about paying extra taxes. I get Social Security and a state retirement, but would like to do a little part time job from time to time. I have had to stop doing any of these little extra jobs because even working a month in a year puts me in a different tax bracket. I can’t afford this! Will this new tax law help me in any way? Reply
Given that I’m married and retired, relatively few deductions (houses are paid off, etc), do I even need to list them if I’m going to default to the new standard deduction. My SALT is about $10k, but given it’s less than the new standard deduction, does it even need to the included in my tax forms. Also are Charitable deductions inside or out of the Standard deduction umbrella? Reply
Will The new tax law changes reduce or eliminate the existing personal exemption of $4,050 per person? Reply
Hi Lisa, I had 19k in itemized deductions last year and filed married joint. I am approximating the same this year and it appears the standard deduction will now be higher and will be my choice for 2018. Will the standard deduction increase to 24k increase my refund? With itemized last year my federal refund was 4k and my filing is basically the same. Thanks, Dan Reply
I am a historian and want to donate a collection of art, and collection of historical items to a museum. Will this be deductible as a gift or shall I just loan the items to the museum? Reply
Am I correct in understanding that if I opt for the Standard Deduction, medical expenses, charitable donations, and property tax deductions will not be used? Reply
Can I still write off expenses related to my job in construction? Previously I was able to write off tools, mileage, and union dues. Reply
Can we deduct our medical costs and how will California taxes be affected as California has used the federal tax return to calculate state taxes. Reply
Will truck drivers still be able to claim per diem under the D.OT. rates? And unreimbursed business expenses on an itemized return? Reply
My husband and i pay for our health insurance and drug plan and we are hoping we will still be able to use the medical deduction on our taxes. Do you know yet if we will be allowed that deduction? Reply
I’m worried how the new federal tax laws will affect my state tax liability. I currently itemize but may not be able to which my CPA said would cause me to have a higher state tax liability. No one mentions that part. Reply
What about people who own a duplex and rent out the other half has anything changed with that? I happen to make some home improvements on the renters side will i still be able to write that off or has that moved up or down on how much i can put into the place? Reply
My wife is 68 and I am 67. I understand that we might be able to take personal deductions based upon our age. But, is there a maximum Adjusted Gross Income over which we no longer can take the deduction, and if there is, what is that maximum? Thank you. Reply
I used my home equity line of credit for home improvements two or three years ago, but I am still paying on it. Will I be able to deduct the interest? Probably have lost receipts Reply
If I am self-employed and file a Schedule C will I be using the new 1040 or is the old one still used for that purpose? Reply
For the last five years, i filed my taxes by using turbo tax. My wife has an ira and 403 b retirement funds. Two years ago, she started to withdraw funds. But instead of doing from each type of funds, she used only Ira funds. Now we learned she had to do it by type of funds resulting in an extra withdraw of funds than necessary. Given that irs requires to withdraw funds by type, your software should provide that instructions. Reply
Sold a second home property in July, tax year 2018 (long term). We pay quarterly estimated taxes — how can we estimate the tax due in September so we are spared any penalty when filing. Reply
Will medical & dental expenses such as insurance premiums, high deductibles, co-pays, etc. still be deductible for 2018? Reply
I tried the taxcaster using my estimated 2018 income to see effect in 2017 vs 2018 if new tax law helps me or not. While it says it does have me paying less federal taxes in 2018, it is not true because too many deductions you didn’t ask about that were permitted in 2017 that went away. E.g. have really big investment advisory costs and other deductions that were permissible in 2017 and not 2018. I know for a fact that I will be paying more. I do think you could have had added more topics around deductions in your model to be more accurate. But having said that for people with pretty simple returns it’s good. Reply
Any chance Intuit will make TurboTax available sooner this year to allow time to digest the changes? Reply
Have not been as charitable this year as I have been in past years because of restrictions on the deductible amount. Also having extraordinary medical expenses this year which would of been over the 7% of income in past years. Is my thinking wrong in assuming that neither one will help me for deductions as they are now “incorporated” in the increased standard deduction? If not, what are the parameters so I can be more chartable and receive deductible benefits and also on the medical deductions. Reply
So upset with the new tax return in that the business expenses have been discontinued. That’s totally going to hurt us. Reply
For some reason taxCaster will not fully install on my Samsung s7 edge. Once it seems to install , there is no icon, and my only choice is to uninstall. Is there tech support? Reply
Hi Lisa, I’m a long-time TurboTax user, however 2018 tax year will introduce many new considerations and I wanted to see if TT has a place to address them, or not (in which case, I would hire a CPA). 1: My wife and I both work, We have the standard deduction of Prop Tax Interest. But I’m now collecting one of my pensions, and I have to pay tax on that amount. Is there a spot to address this issue? Also, I took the full sum of one of my Whole Life Insurance policies (about $18,000) and I have to pay tax on the principal, but I have no way of making that determination. Does TT address this situation? Thanks for all your help. Reply
I have a very small art business I have itemized for about 15 years. My sales are typically low anywhere from 50. to 1000. for the entire year. If all of my deductions add up to less than 12,000. do I still take the standard deduction? Also, can we still itemize medical deductions for office visits, drugs, glasses and medical and long term care insurance? Reply
Will there still be the increased standard deduction for people over 65? If so, what will it be? Reply
It was mentioned that rental property taxes cannot be deducted? Can you still deduct it as a business rental property expense? Reply
Hi Lisa, I was under the impression that you could no longer deduct home equity line of credit interest. But this email from TurboTax says that you can. Would you please clarify. Thank you. Gary and Donna Reply
if my total itemized deductions were up to 28k including 14k in property taxes, what will be my limit? Reply
In all of the questions/replies there is no mention of medical expense deductions? For many seniors this would be one of the top questions I think. And one of the bigger expenses. Reply
Hi, do the new laws prohibit claiming a travel trailer as a second home? I heard they added it back for other types of RVs, boats, etc., but travel trailers were for some reason left out. I’m not sure where that was left. Reply
With the personal exemption of $4050 gone and the standard deduction increased to $24,000. It appears to me than any family filing jointly with more than three children are paying more taxes Large families 5 or 6 children or more are paying more taxes. Am l correct? Reply
Is there a way to use TurboTax to estimate taxes using the new tax law to check if withholdings are on target? Reply
As a teacher, there were several expenses I once was allowed to deduct. Is it possible to consider some of these expenses as donations to my classroom? Also, how do I determine if I need to change the number of exemptions on my W2 so that I won’t owe money to the government in April? Reply
It is my understanding the Interest paid on Line of Credit Loans secured by your residence are no longer deductible. Does this apply to all LOC loans are just the originated in 2018 or later? Reply
I have lottery winnings and losing tickets to cover my winnings, what Turbo tax would I use and that all I have being single and no other deductions Reply
We own a ranch. What changes are there to the farm & ranch form and deductions for expenses? Thanks. Reply
It was my understanding that interest on a home equity loan was not going to be deductible with the law change. Is that not correct? Reply
What about itemized deductions for DOT/transportation employees. Is there still a deduction for per diem expenses, away from home meals, etc? Reply
i tried the tax caster but did not finish. Is there a way for taxcaster to read in my turbo tax info from the 2017 turbotax file so i donot have to work thru it? I feel like I am re-entering all the same info that is available already. Reply
I understand that you may still deduct interest paid on equity loans provided the money is use solely to upgrade the home and property. Reply
I itemize and I’m a W2 employee. Normally I have ~ $12000 in charitable deductions and $15000 in non-reimbursable business deductions. I have no mortgage expenses but do have property taxes. Will I still be able to claim these deductions or will the higher standard deduction eliminate theses deductions? Single and AGi ~ $200,000 Reply
Is there any computer software upgrades for Mac users running OS X El Capitan ver: 10.11.6 To use the new Turbo Tax software? Reply
I thought Equity interest was no longer deductible, but it is specifically referenced in the article. Can you clarify? Reply
When will I be able to buy Turbo Tax early enough in the year to enter data as the year progresses? This is something that would be very valuable, a capability always ignored by your company. Instead of loading spyware into our computers as your software wizzards did in the past, please provide the option for a much more valuable product that can be used in real time to Reply
Does the new tax law do away with the miscellaneous itemized deductions subject to 2% of AGI such as investment fee expenses? Reply
assuming you do not have enough deductions to itemize, what other deductions or credits will be available that are not included in the new 24,000 standard deduction? Reply
I am married and have very much more income than my wife. From my income i have a lot more decoctions than the $12,000 for a person filling individually. My wife has very few deductions from her income, although our combined deductions are less than the $24000 for married filing jointly. Can we each file individually and each claim our own deductions rather than filling jointly? I think if we can we can possibly pay less taxes. Reply
Have you developed a tool where we can enter our (2018) estimated income by category and deductions so that we can see whether we will be itemizing or not come early next year. I am keeping all the normal records this year but don’t know if that is a waste of time for the deductions given the new standard deduction and changes. Thanks Reply
I’m 82 and my wife is 79. Under the new tax plan will a portion of our social security payments continue to be taxed? Reply
What is the tax for people who are on Social Security? Is Social Security stilltaxed at 80 percent? Reply
My spouse passed away last month. I assume I will still file a “Married, Filing Jointly” return? How will his death affect the standard deduction if that’s the way I decide to go? Reply
After you’ve entered your deductions, I assume taxcaster will use the greater of either the itemized number or the standard deduction. Will there be a tax Caster that take state taxes into account? If standard deduction is used on the federal return then the standard deduction must also be used on the state return. This may cause state taxes to be a lot more. Taxcaster needs to show results of total federal and state tax under various scenarios. Reply
I noticed that you did not answer the question about deducting charitable donations. Please answer. Reply
I will have online business start-up costs and little to no profit for 2018. I didn’t see any mention of Schedule C. Have there been any changes I need to be aware of? Reply
Lisa, did they get rid of the working away from home deductions/ travel expenses incurred with a temporary work assignment away from home? Reply
What all previous deductions are being done away with under this new tax law? Are there any new ones being added? Reply
on the property tax subject this only applies to the home i have four commercial investment buildings the pro tax would still be deductible as an expence like interest on the loans Reply
Did they remove the deductions for foster children that are in your home over a hundred eighty days and children you adopt. Reply
I’m a single parent who has claimed head of household in past returns. Will I have to file as a single person this year? I’m trying to anticipate how the new tax code will affect me and prepare financially. I’m sure it’s not in my favor. Reply
Will you still be able to file head of household? What kind of deductions do you get for your children? Reply
I’m confused about the deductibility of home equity interest. Years ago, the home equity loan had to be for home improvement. Then that requirement was dropped. Is it back in place now? Reply
Hi Lisa, On your post July 23, 2018 at 11:33 am to Maria regarding “Is the $10,000 total per property or total per household?”, you responded: “The $10,000 is in aggregate and is the total per tax return. This new law is also for your principal residence and second residence. It would not be for rental property.” To clarify, are state and local property, income, and sales taxes still fully tax deductible for rental properties? Thank you, David Lipps Reply
So with the “simplification” of the tax form and obviously the less complexity to it will Turbo Tax be much cheaper to purchase for 2018 and going forward? Reply
I was a PSO injuried in the line of duty and my pension from my department has been tax free. It that benefit going to be changed?? Reply
Does the 20% business tax deduction apply only to incorporated businesses or does it also apply to self-employed business income earned as a sole proprietor? Reply
I am a senior widow caring for my two disabled adult children. I’ve always been able to claim them as dependants. No more? Reply
Is there anything that will effect that income tax from Social Security benefits? For many years, if the tax paer who happenes to be a retired senior citizen who has a total income in excess of $32,000, the tax payer is liable for taxes at whatever that tax rate is where 85% is considered to be taxable. Reply
As a published author I file a Form C to itemize my writing expenses. Will this remain the same? Reply
You you address the child credit in the new tax law. I believe it is 2000 tax credit per child. Not sure what the income limits are, Reply
Which Turbo Tax will I use if I had a 1031 Exchange this year and will it input all the necessary information for this? Reply
Is mortgage interest on your primary and secondary homes fully deductible? Any limitations based on total adjusted income? Does AMT still have a negative effect on taxes for the middle class? Reply
I expect to use the Standard Deduction for 2018. Will I still be able to do a Qualified Charitable Distribution from my IRA? Reply
Is there a tax caster for those of us without iphones? I use Samsung and would like to be able to predict the needed taxes as well Reply
My kids and I use TurboTax every year. I’m retired on SS but they’re still working. Is there a TurboTax tool to make sure their employers aren’t under-witholding? Reply
How are military reservist expenses (travel, uniforms, etc.) handled on the new 1040? Still deductible? Reply
Is there any way that the tax caster that you have can specify what the 1040 forms line numbers are for the 2017 tax year? I think this would make it a little clearer Reply
If the standard deduction is 12k for single and 24k for a couple filing joint is there an additional deduction for over 65? Reply
If I sell my rental home that I have had for five years and have a profit; at what rate with that be taxed? Reply
I have a small farming operation and a small business. Is it necessary to establish an S-Corp or LLC to qualify for pass-through deductions or can I still use my SSN? Reply
I am downsizing this year and plan to move into a smaller place. I am hoping I can write off my charitable contributions. I will have a huge amount because I’m giving away furniture and other valuables that I will not have room for in my new home. Reply
I heard on the news yesterday, August 1st 2018, that our Employers have not been taking out enough taxes this year, so when we file for 2018 we will owe more. Please help me understand what happened and why we would owe more tax. Thank you for your time! Reply
My big worry are the changes to the “divorce deduction.” My attorney says I keep the deduction because the divorce was finalized in 2016, but until I see it in black and white, I remain nervous. Can you shed any light on this topic? Reply
I downsized after my husband’s death on 1/1/17. I just rented my home with an option to buy within 2 years. Couple questions: 1) Will I still submit a joint return for 2017? 2) I will have rental income for 4 months in 2018. I also spent a lot of money getting the house ready to sell/rent. What Turbo Tax product do I need to order for my 2018 taxes? Can I deduct the expenses paid for getting the house ready? 3) I also had damage to my home in August 2017 which the insurance company would not pay one dime. Some of the expenditures to remedy the situation were paid in 2017 and some in 2018. How do I handle these expenditures? Thank you in advance for your input. Reply
What’s the earliest date we should expect to be able to start using TurboTax for next tax season, i.e., early modeling of changes’ impacts. Reply
Prior to the new tax law for 2018, if you took the standard deduction, married filing jointly for example, there was an additional amount added onto the 12,700 if you are 65 or older. Is there still an additional amount added to the standard deduction for 65 and older in the new tax law? Reply
How about lines 25 through 35 (adjustments to the Gross Income)? Are they staying or going next season? Reply
what about deductions for a not for profit business. Can you still itemize or have the business deductions gone away? Reply
Are there changes regarding office-in-home expense. I’ve not started reading about 2018 tax changes in any depth, but had read speculation that home office contractors with W-2 status would become severely limited regarding home office expenses. Reply
Will Turbo Tax still ask about all my possible deductions and then help me make the decision on whether to itemize or just take the standard deduction? Reply
My husband is disable can I received earn income on him they sent me a letter last year dying I could but never received anything Reply
We own a rental vacation property and have been able to claim a loss. How does the new law affect us? Reply
When will a full version of turbo tax 2018 be available so that I can run different scenarios to make decisions on deductions, IRA withdrawals/contributions, etc. Reply
My fiancé and I were looking to marry in 2018. Our individual state, property & local taxes are under $10,000, separately. However, our combined taxes exceed $10,000 by almost double. As the standard deduction for single is $12,000 and is $24,000 for married couples, it looks as we would lose almost $10,000 in deductions. Is this correct? Reply
Dump the social media bar on the left side of the screen or make it go away forever when selected -PLEASE… It interferes with viewing the text and keeps popping back up. Reply
I get Perdiem’s for travel and do not have to turn in receipts. Will these Perdiem’s be taxable Reply
I operate a 15 unit rental property, we have a $200k electrical repair bill coming in 2018. Can we expense this in 2018? Also, does the 20% pass-thru deduction apply to us? We report income on Schedule E. Reply
I’d like to do some tax planning before year end and wondering if Turbotax for 2018 will be available before year end? Reply
With the new tax law is there still a deduction for auto mileage if you use your vehicle for business? Reply
Will the IRS not impose a penalty for underpayment this year (due to the changes in deductions,etc.)? Reply
In the past years, it seems that the property taxes weren’t eligible for deduction even if homestead, why is that? Does it need to meet a certain minimum or maximum amount? Reply
We need info NOW, not at tax time. The vague statements we have received so far regarding our 2018 tax return are not enough for us to be able to determine our outlays this year, therefore we may be unable to forecast our tax laibility and therefore not be able to make the proper outlay choices before tax time. This entire scheme is badly thought out and not in the best interest of American taxpayers. On another note, “impact” is a noun, “affect” is the verb. Something has an impact on, or is affected by an occurrence. I am a grammar tyrant. Reply
Hello. Will you still need to file a form with all interest and dividend income, that is the old schedule B? Reply
Is there a way to use the 2017 Turbo Tax program we did our 2017 taxes on and use that info it has to estimate what 2018 would look like if all the numbers stayed the same? I see the comment above where there is an online tool, but you have to enter all that info from documents, and frankly, it’s all pretty confusing. That’s why I use Turbo Tax. And, it already has all that info from the 2017 taxes in the file on my computer. Reply
Given that my prior major deductions – state income, county real estate, and mortgage interest – will not reach the $24K threshold, can I use the $24K married standard deduction and also deduct the percentage of a loss related to the sale of investment property that I incurred in 2014? Reply
I appreciate that TurboTax is keeping us abreast of these major changes and especially value the preparational Tax Caster tool. Reply
For rental property owners, will we get the 20% discount when filing Schedule E or will we have to file Schedule C? Reply
Sorry to digress…I live in NY. I had a child in 2017 and was expecting to get a bigger refund after filing my taxes in April. My other friend who (also a NYer) had a kid 2 years ago pushed her kid out before by December 31, 2015 and she got a good bump on her refund for the 2015 Tax year (she has two kids so her refund was more than $10K). That set my expectations but my refund was almost the same amount as the 2016 Tax year. My husband and I filed married jointly, I own a coop and did itemized deductions as well. We used Turbo Tax to file 2017 taxes and I entered my son’s birth date as prompted. Did the law change from before? I followed the Turbo Tax step by step and answered each question. Did I do something incorrectly? Reply
In general I like TurboTax, but It does not do a good job in handling and explaining MLP’s K-1 forms and how it impacts ones 1040. Hopefully TurboTax will improve that whole area !!!!! Reply
Last year, I filed using the on line Turbo Tax, but had to redo my 2016 using the download version. I found the download version to be more flexible than the online version, so I would like to do the download version again for 2018. My question is, will I be able to import my on-line data from 2017 and my 2016 download data into my 2018 taxes? Reply
Wondering about changes if any to the capital gains tax exemption on the gains from the sale of your personal home. I believe the exemption was up to $500,000 but you had to reside in it 3 out of the last 5 years. Is the five year period looking back from the sale date or from the date you moved out? For example, what if it takes 3 years to sell from the time you moved (not rented), does this void the exemption? Reply
I heard that the home mortgage interest deduction will be changed to only include interest related to acquisition-related debt. So if you paid cash and refinanced shortly thereafter, you’re screwed. Is this true? If so, does it apply retrospectively? I bought my house in Jan 2017 and refinanced Apr 2017. I borrowed money for the purchase from a personal loan and from my parents. Do you think I’ll be able to deduct the interest? Reply
The new tax laws eliminate IRA transfer recharacterization, so knowing my exact tax situation prior to year’s end is critical. Will Turbotax have a good tax calculation worksheet by December 26th so that I do not over- or under-transfer on December 27th or 28th? Reply
My medical costs are huge each year: are those costs for medical care, prescriptions, etc still deductible if you Itemize deductions? – Thanks Reply
The article mentions interest on Home Equity Lines of Credit are deductible. Can you confirm that for me? I was to understand that the maximum value available to deduct from your property taxes, and mortgage interest combined would be $10,000, and that any interest on HELOC, Home Equity Loans, and home renovations are NOT to be deductible. Reply
The Taxcaster is nice, but it would be a very cool addition to the Turbotax product, where it could start with the 2017 data and then offer reasonable predictions for 2018. Reply
If I have a 17 year old in college will I be able to claim head of household? What about a domestic partner with no taxable income? Reply
Is there a way to claim/deduct a 21 year old that is not in school or working (but not disabled). Reply
Since most people will have just the standard deduction and not go long form, will the prices through Turbo Tax be less? Or should we start doing the tax return ourselves? Reply
If you have over $1500 in bank interest, do you still need to do a Schedule B or another supplementary form? Reply
I am a federal retiree and for the past two years I had to add special forms to document my retirement earnings. Does the new standard deduction form still require these forms? And if so, will I still be allowed to file utilizing just the standard deduction and not itemizing because I do not earn enough to support an itemized return? Reply
Okay, I’m still totally confused. Married filing jointly you get the $24, 000 deduction. On top of that do we also get our property tax + state income tax, not to exceed $10,000 each, so in our case 24,000+ 6,000+10,000 for a total deduction of $40,000? Thanks. Reply
Is it true, this year you cannot deduct milage when you travel for work? Like for outside sales reps, district managers etc.? Reply
Greetings, Is there any way to view changes in 2018 Schedule C deductions involving independent contractors, home offices, mileage, etc? I cannot locate forms anywhere and it is almost August. I am just trying to see what remains from 2017. Thanks Reply
Lisa, I have a serious concern with Turbo Tax and my tax filing for 2015. I’ve been given the round around as well as bring placed on hold for and hour and ten minutes to discuss my concerns with so called tax experts with Turbo–no one answered. Is there a direct line or office that you can direct me to discuss my issues so I can get an explanation as to why IRS asked for an additional $1,525.00 for my 2015 taxes when Turbo Tax claimed I only owed $576.00? I SINCERELY Appreciate any assistance with this ordeal? Thank you for reading about my concern. I hope to get a reply with the needed guidance as to who can help me with my problem. Reply
I’m a truck driver. Is are per diem going to be taken away when filing taxes in 2019 for tax year 2018 Reply
Have a question regarding medical expense deductions, as I was under the impression that it was no longer able to be done. If you pay over 12000 per year in health insurance and over 3-4000 in medications and copay, I do not get to claim that? + Reply
I travel about 30,000 miles a year for work and do not get reimbursed. I’ve always been able to get mileage deductions on my itemized return. Will I still be able to do that? Reply
Lisa, In past years, retired people who have IRA accounts, and are also >70.5 yr. old and therefore are subject to required minimum distributions (RMDs) from these IRAs, could direct their IRA Custodian to make distributions to Qualified Charitable Organizations (QCDs). These QCDs would count towards the RMD, but not be included in taxable income. Will that still be the case for the 2018 Tax Year? Reply
The 20% self employment income for married filing joint earning under $315k. Is that 20% of net or gross SE income ? Reply
My employer only pays me .32 per mile transportation. Can I claim the different on the up coming taxes? Reply
What will the standard deduction be for Married Filing Separately? Will it be $12,000 or $24,000? Reply
How will the new tax laws affect my business as far as what I can or can’t write off as business expenses? or supplies that I am always buying? Thank You Reply
I would like to know if I’m eligible to claim my son on our taxes as married filing jointly with my husband my son is 22 lives with us for the entire year and is unemployed? Also I’m a part time sales associate and the place I work hasn’t taken any federal out of my checks according to my records. Am I not eligible because I’m part time? Reply
Duel citizenship while working and residing in Canada. You still are required to fill out yearly tax schedule even though you have no income from the USA? Its unbelievably expensive ohhhve to find a qualified person to do paperwork in filing. Please advise. Thank.you. Reply
Can I claim my 19 year old as a qualifying child for the earned income credit if I pay for all of his support and he isn’t working? Reply
I will be switching my filling status to single instead of head of household. How will that affect me? Reply
Will the dependent credit change and there was suppose to be a deduction for stay at home mothers, is that true? Reply
If you’re a transportation employee, will you still be able to claim meal per diem for your 2018 taxes? Reply
How about for those who are paying back for the IRS,according to what i heard from other tax preparers saying that, “there will be no more paying back!” And this is not fair us people whose been paying the IRS for making alot! And as for those people with foodstams they’re using their foodstamps to buy drugs and some other illegal stuffs which aren’t supposed to be used for! Pardon me for bringing this up but my question is are we “people whom owe IRS” still going to pay back while others sits back and relaxed because they dont make as much as we people whom work very hard and that is soooo not fair? Thank you! 🐌🦋🐳🐠🐓🌴🌺🌞🌻🌤 Reply
Am I too understand that there are no more personal and dependent (i.e. children) deductions? So a married couple with no children get $24,000 deductible as those with children? Reply
1. Will the Taxcaster compare your 2017 return to 2018. That is can it use your 2017 numbers,and tell you how much you would have saved/refunded using the 2018 laws? I would like to know . 2. For the on line Turbo CPA what is the fee and can you call several times or just once? Reply
I am still trying to find out if there were any changes made to the worksheet that is used to calculate how much of a persons Social Security might be taxable. I haven’t been able to find any information on this topic. Reply
What about the taxable income limit on social security, has that been eliminated so you don’t have to pay taxes on social security? Reply
How will these changes effect my small business returns which i file with you? Any new records keeping required? Any deductions added or deleted for 2018 returns as of the moment? Reply
Our joint return will qualify for the new 1040 standard deduction. How about reported investment income( long and short term gain from managed accounts)? Will I have to use additional forms, or can I use the streamlined 1040 form? Thanks. Michael Reply
I was looking at donating a vehicle this year, will I still be able to deduct on my upcoming taxes? Reply
I wasted my money on TurboTax the past 3 years. I need convincing you’re worth my money. I also deserve a refund from Intuit for, at the very least, 2016 and 2017 year’s “product.” In 2016, I had a new computer and the program would not allow me to transfer my data from 2015. We had to get our tax info from irs.gov, which involved a lot of wait time for a code, entering everything ourselves, etc. by the time all was done, we had penalties. Last year, the program did not save our 2016 data, even though we were on the same computer, and we ran into the same problem. Again, we couldn’t get responses from TurboTax. I spent a lot of time (and several calls) on the phone with IRS. We had to wait for a code again since our data didn’t transfer (at least we knew what to do this time and had plenty of help from IRS). I was entering data on countless occasions and it said it was saving it, only to be lost and have to start over again. Several people at the IRS said we were far from alone in our experience with TurboTax. Once again, our data would not save. We now have no printable records or saved records for 2015, 2016, and 2017. We gave instructions for our Refund to be direct deposited, just as we do every year, but that info wasn’t saved and we had to wait for a check. I already know our data will not transfer from 2017 to 2018. We also need copies of 2016 and 2017 tax returns for a financial project and we have no way to get them in a timely manner. This is costing us money! Reply
Not so much a comment, but a question. My husband is in prison for 25 plus years. The only I receive is from my job which is full time. My question, would it be better for me to file married, head of house or single? Legally still married for now. Please help. Thank You, Linda Reply
My husband recently passed away. I know I can file married filing joint, BUT, how do I get the direct deposit or check, which ever way I decide to go this time, made out to just me? The bank that I bank at has told me I have to take him off of the account, so if I do direct deposit, I don’t want it to get rejected since they will have record of him being deceased. OR if I close that account and go to a different bank, same thing. Reply
Quick question. In past years I always itemized. The total is always around 15 thousand. So that combined with my personal exemptions for 3 people around 13. Thousand. Totaling around 28 thousand. With the elimination of the personal exemptions won’t I end up paying more taxes this year? Only being able to claim 24 thousand instead of 28? Reply
My wife is in memory care. Do the same rules apply this year as for last for the medical deduction? Reply
Does tax caster have the ability to pull over your 2017 tax info from turbo tax to estimate 2018 taxes? I don’t want to re-enter all my info. Reply
I was looking for some substantive information about tax changes to aid my own tax planning for the balance of the year. Nothing here. Reply
I’m over 80 and a widow so I have to file single. My estimated taxable income is approximately $20,000. Investment income approximately $60,000. I don’t own a home but have property worth approximately $70,000. So guess I have to file just because I invested the money from the sale of my mobile home. Thank you. Sandy Reply
Is there a limit on charitable contribution and if so can you carry over to another year if you meet that limit Reply
Turbo Tax on the SALT deduction: “The $10,000 is in aggregate and is the total per tax return.” So if two single filers jointly own a property upon which real estate taxes are $12,000, each could take a $6,000 deduction (assuming other state & local taxes do not exceed $4,000)? Reply
How does this new tax form effect clergy housing ? Which in the past was considered non taxable. Reply
Since TurboTax knows all the new rules and also has access to my last years tax returns, why can’t to offer a simple website app that can look at my last return and assuming similar items give me a reference guideline on how my 2018 tax wis likely to change up or down. I’m not expecting an accurate number just eg: “based on previous returns this years tax may lead to an small increase in refund” Reply
Will the child tax credit change and because I work full time and will be attending school this fall, will any of the new laws affect me. And if so which ones Reply
Hi! I started to use the Tax Caster, but it says “What do you plan….in 2017” Is that supposed to say 2018 or is this an outaded version? If outdated, when will the 2018 update be ready? Reply
I file married filing separate and I’m head of household. What are the changes for my taxes in 2018? Reply
i am expecting a refund for 2016 tax year. I forgot to file. but I do know that a refund should be allowed. Can I file 2016 with on linte turbo tax? Reply
I’m 67 yrs. old and planning to sell my residence in Ca. that I purchased in Nov. of 1986. I am currently retired receiving pension and social security. With new tax reform what can I expect in tax consequences? Reply
Hi, I like turbotax. I used to do my own taxes with Turbotax. But since I started working for Uber I stop using Turbotax because the software didnt have an option do it for uber driver, so I had to go to an accountant instead. It will be great if Turbotax provide the software for uber driver. Reply
I need prepared in tax training software online how to now the software to helping my people to open my bisness Reply
I’m my wife and I are senior citizens. Last year we took a standard deduction for $15000.00 since we were 75 years old.i read above that new standard deduction is $24000.00. Is that figure for those not senior citizens? If it is then what is the senior citizen amount. Reply
Hi if a buy windows for my house and change roof can a this expenses? And I have 2 children ones is 14 and the 16 years on high school she will be take college class this can be deducted? Reply
I am in the transportation industry airline employee I have extensive meals uniforms etc. what will be my options this year, Major medical is also an issues including phone Internet etc. needed for the job we are required to have a computer and be available 24 seven Reply
What about state taxes? Last year I had to file a printed copy of my mn state taxes and delayed my refund. Reply
If my grandchild is 17 this year can I still get the child tax credit . She is still in high school Reply
Been using Turbo Tax for several years. Recently realized that Turbo Tax has not been querying me for prepaid interest on purchases of fixed income securities; which is tax deductible and not reported to the IRS on forms 1099. Why am I not queried in you program ? Reply
I was not happy with turbo tax used it in 2017 for 2016 taxes for my son and when I went to use in 2018 for my sons 2017 taxes I did not remember how to log in and they was absolutely no real person to contact to help me. Tried every number I found finally had to pay someone to do them. Reply
Hello, we pay PMI can we deduct this with mortgage interest and property tax? How are the deduction broken down ? Thank you 🙂 Reply
Hi, I have a landscape business & include it in my personal married tax return. Is that a wise thing to do or should I file separately. How should labor and material be itemized for business return? Reply
Does the NEW and IMPROVED product solve the ‘start the product’ and ‘write’ and ‘update’ the return problems? (As your records confirm, this is a 6 month old problem!) Reply
I have been using TurboTax to prepare and submit my Federal and State taxes for YEARS. I have always prepared them using iMac desk top computer. I understand that TurboTax will cut off many of your users this year by limiting the TurboTax compatibility to specific Mac OS software that is only in the latest computers. What is the story? Will I be forced to use a different software package from other than TurboTax? Reply
So, even though we will no longer be able to reduce taxable income by exemptions, will there be a spot on the new return to show how many dependents we have? Aren’t some itemized deductions and credits only available to us if the individual is a dependent, i.e. Hope Credits for our kids or medical expenses for elderly relatives? Reply
“The new form consolidates the three versions of the 1040 into one simple form…and increase the number of tax schedules supporting Form 1040 by six additional forms.” Only the IRS would call this a “simplification”. Can’t wait to see how easy the instructions are. Reply
Our 2017 tax return showed $15,200 standard deduction and $8,100 exemptions making $23,300 as our total deductions. With the elimation of personal exemptions for 2018, we are actually getting only additional $700 in deductions. Is this for real? Reply
Can I still deduct my medical expenses beyond the 7.5 percent limit, if I start using the new 24,000 standard deduction for married couples. Reply
This year I have to add my student loans as income because the government paid them off. I am on disability and only work part-time. How is this going to effect me? Reply
I have always had to use Turbo Tax Premier because my income in mostly through investments. How will that be handled with the new tax laws, and will Premier still be needed to to cover investment income? Reply
What are the IRS and state rules on capital gains from selling an inherited house (never lived in by heirs)? A deed grating 1% remainder interest was made in 2006 for three beneficiaries. Upon the home owner’s death earlier this year (2018), the three heirs were granted ownership in the house effective on the day of death (this was automatic, we did not do anything). The house was recently sold, five months after the ownership changed. One heir is in NC where the house is, and two are out of state. How does each do taxes and has anything changed from before the new tax law? Reply
Willing we need to enter QCDs separately or deduct them ourselves from our 1099R taxable amount? Reply
Will the price of TurboTax be lowered, to reflect the more simplified tax forms? There will be fewer forms to deal with; I would think the price of your product should take that into consideration. Reply
What is the standard deduction for a dependent. My college age daughter has about 10,000 income from work and investments. Reply
I am paying off my mortgage July 2018 in a lump sum settlement. The difference in owed and settled is $11,000. What is the tax law on the forgiven amount? Reply
Removal of child exemption is mentioned here. Could you clarify? For those of us with children, is the new tax law removing the $4K exemption per child? Reply
Will the ‘It’s Deductible’ program still be available and up-to-date for use with the 2018 tax filing? Reply
If I am filing married jointly what is the deduction amount I have to meet for any of it to count ? For example mortgage interest, medical premiums…. Reply
So, the $24,000 applies to those who can’t reach that amount through deductions? What about medical deductions? What is the limit here or did that go away? What about deductions if you do part of your business in your home? Reply
Clergy persons (pastors, missionaries, etc) have been allowed a housing allowance in the past; will housing allowance still be allowed Reply
Hi, Does contribution to Oregon 529 college savings plan reduce owing state taxes in Oregon. What is the limit and suppose if my state tax is $10000 if I contribute to Oregon 529 let’s say $4000 what will be my final state tax owing. Thank you. Reply
Standard deduction for married filing jointly is $24,000. What about couples who are over 65 year in age. Is there added deduction and how much? Reply
We sold a property in February that we lived in for 5 years and rented for the past 11 years Before the tax law was changed affecting the capital gains rate, we were told by a tax consultant that we would have to pay about $30K in taxes, since we were not going to remain in the rental market. With the top capital tax rate around 15%, versus 30%, will our taxes drop to about $15K? Reply
will there be a penalty for having short term medical insurance or no medical insurance coverage? this is a @#$#@#!@ rip off for working people. Reply
I have been using Turbotax Deluxe since 2009. This past spring I received a note that this is the last year I can use Turbotax on my iMac because the OS is too old. I don’t plan to replace my Mac. Is there an online version comparable to Deluxe that is accessible via my iMac? Thx. Reply
How will the new tax law affect the child credit I just got a baby how much will be the credit for 2018 Reply
Is Head of Household still a filing status? (Such as for single with dependents). I read somewhere that it would have an $18,000 standard deduction. Reply
Is Head of Household still a filing status? I recall something about an $18,000 standard deduction for head of household. (Single with dependents) Reply
So does the new law do away with any deduction if you are paying all the expenses for a elderly parent. Reply
HI Stan, Not all of them, but it does get rid of the dependent exemption which was $4,050 in 2017. You may be able to get a new $500 credit for a non-child dependent. You may also be able to claim your parent’s medical expenses. TurboTax will be up to date with these new tax laws at tax-time and will guide you with simple questions. You can also connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered at tax time. Our TurboTax Live CPAs and Enrolled Agents can even review, sign and file your return at tax time. Thank you, Lisa Greene-Lewis Reply
So the new tax code is doing away with the dependent exemptions of $4,050 in 2017, does that include you children or is that just for the qualifying relatives?
can you send me a template to use on how the new taxes affect me. I need to know. I do not care about a 1040 form. Other tax assistance companies and CPA’s have done this. Has turbo tax?
I have questions regarding past credits & deductions from this recent tax year that I didn’t Claim. How to go about refilling my taxes .
I am retired clergy. In past years I have been allowed to deduct housing expenses accrued during the tax year. Under the new tax laws will this still be an allowable deduction? Reply
ABOVE ANSWER BY STAN IS WRONG. PERSON ABOVE 65 YEARS OR OLDER CAN INCREASE STANDAR DEDUCTION BY $1300 PER PERSON. Reply
Hi Maria, The standard deduction went from $12,700 to $24,000 for married filing jointly. Thank you, Lisa Greene-Lewis Reply
$24K? I’m confused. “The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,500 in 2018, up from $6,350 in 2017, and for heads of households, the standard deduction will be $9,550 for tax year 2018, up from $9,350 for tax year 2017.” https://www.irs.gov/newsroom/in-2018-some-tax-benefits-increase-slightly-due-to-inflation-adjustments-others-unchanged
Lisa, there used to be a bump up in the standard deduction if you were over 65. Is there still a bump up in the new laws?
Would it be easier or better to file married filing separately instead of filing jointly like we have always done
Hi Christina, Yes, you can still claim the American Opportunity tax credit for $2,500 per student for the first 4 years of college or the Life Time Learning Credit of $2,000 per return. You can also still claim the student loan interest deduction up to $2,500. TurboTax will guide you through education credits and deductions and give you the one you are eligible for based on your entries. Thank you, Lisa Greene-Lewis Reply
Thinking of going to drive for Lyft. What kind of deductions would I be able to take under the new law? Lyft claims I can deduct unlimited phone plan, maintenance cost as well as fuel costs. How about the vehicle I purchased? Reply
We are no where near the 24K married Std Deduction. It would help and simplify with tax preparation if we could go directly to Standard Deduction without entering values or zero for taxes, interest, medical, charities, etc. Reply
Will people filing joint returns be able to deduct property taxes, student loan interest and child care for 2018? Reply
Can you deduct your travel mileage for your job.? I travel a lot and have a lot of unpaid mileage. Reply
I tried to use turbo tax last year. My only income was social security. I did not work. Turbo tax wouldn’t allow me to use without having a slip for work earnings Reply
It would have been nice to have had our moving expenses from an apartment to a house refunded like they used to be. No we didn’t move because of a job, we moved because we finally were in a position to afford a house again. Reply
If I give 25k to my child. DonI put it as an expense and does my child has to put it as income on his taxes Reply
Are there going to be mechanisms in place to address taxable state refunds? If SALT exceed 10K, we will not be able to deduct all taxes, yet we may be forced to pay on refund amounts associated with taxes that were not deducted. Reply
My daughter turned 16 Feb of this year. (2018) She starts her first job at McDonald’s this week. My question is do I still claim her on my taxes and does she file taxes as well? Or does she file her on taxes and I can no longer claim her? How does this work and do I do? Reply
I have been a long time TurboTax Premier user. But i just found out I could no longer use this product for year of 2018 because TurboTax only supports no more than 45 of rental units. Will TurboTax make modification on this issue? Sure hate to learn another tax prep software! I am just so used to the TurboTax software. Reply
Could you please explain the changes coming to the healthcare bill penalty compared to last year? Reply
How does adding your stock purchases and selling figure into the new tax forms? Which form does one use? Reply
I file using the standard deduction; however, I’ve been allowed to apply some of my mortgage interest as a tax credit because I have a mortgage credit certificate. Will that still be allowed? Reply
What are the new tax laws pertaining to alimony? I was told that the payer would have to start paying the taxes for it, and the ex would not be taxed on the money she is RECEIVING? It totally doesn’t make sense, so I wanted to verify this. Thank you. Reply
I prepare my income tax as expat . I have income as an advisor and basically pay social security taxes.(no federal taxes)This new 1040 will make any difference to me in my next year preparation?May I use turbo tax in my future preparation? May I itemize some of my expenses?. I will turn 70 next year and I am not sure what I am supposed to do. Do I still pay ss taxes? John (a little bit confuse) Thanks Lisa Reply
I sold my father home in 2018 it was a inherent to me sold for around 61,999 do I have to pay taxes on this home sold Reply
I’ve been using TurboTax for more years than I can remember and hasn’t failed me yet. I’m thankful that you are there to shake it out and I always use deluxe that walks me through everything and I don’t skip anything even if I believe it doesn’t pertain to me. Once I took my tax to a pro to see if he could get me more deductions…..when he got back to me he said I should work for him. The bottom line is unless your tax situation is very complicated which most aren’t anyone who can read and click and keep good records TurboTax is the way to go…..no, I am not getting anything for my testimony. Reply
My husband and I are seniors and our personal deduction has been higher than for those not seniors. Will we still get an advantage and the personal deduction be higher so we do not to have to itemize? Reply
Is the exemption for being over age 65 still in effect for 2018? There is confusing info on this issue online. Thanks. Reply
I used turbotax last year, Is there a way I can use that file with the caster file to lear n about this year taxes without having to plug in the numbers individually? Reply
Does the new tax bill give any relief to parents paying for child s college education? What is the income phase out rule? Reply
I paid 20k cash for a mobile home in FL. It is my primary residrnce. Is any of this tax deductible? Reply
“Postcard sized form”? Is this the nonsense Paul Ryan was showing that required supplemental pages to be added to the “postcard”? Reply
Why is there so much publicity about nearly doubling the standard deduction yet absolutely no publicity about that fact that the Personal and Dependent Exemptions are going away. For a single tax payer the original standard deduction of approx $6,000 plus the personal exemption of $4,050 came to $10,050. Now it will be $12,000. Big Deal!! And, if somebody itemized their deductions of more than $6,000 they still received another $4,050 deduction. The publicized reports that tax payers will save a fortune because the standard deduction has doubled is a big fat misconception!! I guess nobody wants the tax payers to know what’s really going on! Thank you Reply
My husband and I have always filed as married filing jointly, however he passed away July 3rd. How will I need to file for this year? Reply
Hi, Regarding the standard deduction, my wife and I are both over 65. Last year, our standard deduction was $15,200, which included the $12,700 and $1,250 each for being over 65. Will the new tax law have our standard deduction as more than the $24,000 that has been discussed. As an example, could I expect that our total would be $24,000 plus the $2,500 extra we got for being over 65? If not, again this Administration will be sticking it to us, since they eliminated the personal deduction. Thanks. Tom Dalton Reply
Has anything been changed or mentioned with the credits? Child credit, Hope credit or EIC? As a student and mom of four kids this is very important to me! Reply
Is there still a penalty for not having health insurance for any part of 2017. I will me moving in September and losing my ins. Reply
I make estimated tax payments but when I prepare my return I have trouble finding the section where I report those payments it would be nice if this question was asked up front so I would not have to scour around looking for the section to report estimated payments Reply
Just confirming- the tax deduction for the hundreds of dollars spent by Public School Teachers, on classroom supplies and materials each year, has been wiped out, yes? Please reply. Reply
What about hospital bills? Can you claim them on this coming tax return? Just our out of pocket cost for them is over 15,000 dollars. Reply
I’m work as an independent contractor and in the past have been able to claim mileage. Will mileage be an eligible deduction going forward? I’ve been a very longtime Turbo Tax user and have been more than satisfied all those years. Thank you. Reply
Deduct property taxes?. Did they change the new tax code? Last I read property taxes for most people were not deductible as well as state income tax and that had people scrambling at the end of 2017 to pay 2018 property taxes in advance which the IRS later ruled you could not do except in very limited instances. Could you explain why there seems to be a disconnect. It would be nice if people would caviot things that only affect small groups of people. Thanks John Reply
Hi John, The new tax reform law that was signed into law on December 22, 2017 placed limits the amount of state and local property, income, and sales taxes that can be deducted to $10,000. In the past, these taxes have generally been fully tax deductible, but now the aggregate can only be $10,000 total. People were scrambling to pay 2018 property taxes in 2017 since they may not get the full tax deduction for 2018 property taxes since the new law impacts your 2018 taxes(the ones files in 2019) Thank you, Lisa Greene-Lewis Reply
We are a law enforcement household and file itemized return. We cannot claim our extra expenses like on previous years ?
Hi turbotaxlisa, Are charitable contributions included in the $10K max for deductions? Thanks, Chris Z
Lisa, I downloaded the estimator app and don’t see any place to specify state income tax or state sales tax. You indicated that both are included in the $10K aggregate. If they are included, how / where do I specify in the estimator app? I’m using Android
Hi Maria, The $10,000 is in aggregate and is the total per tax return. This new law is also for your principal residence and second residence. It would not be for rental property. TurboTax will be up to date with the tax law changes and will guide you through your return at tax time. You will also be able to connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered at tax-time. A TurboTax CPA or Enrolled Agent can also review, sign, and file your return at tax-time. Thank you, Lisa Greene-Lewis Thank you, Lisa Greene-Lewis
I never could take the deduction starting 1994. This deduction for me dwindled as the laws changed. Just like charity etc I don’t even bother anymore. So I concentrated on paying off the mortgage and saved 35k. Concentrate more on improving what you have control over instead of filling in boxes on forms just to fill squares. The government doesn’t pay your bills and we all need to empower ourselves. I like turbo tax, 20+ years, and appreciate the advice and empowerment I have gained. Good experience, permanent customer.
It sounds like the new law did not change the mortgage deduction. Does the $10,000 limit include the deduction for mortgage interest paid?
If a married couple who filed joint in the past has state, and local income and property taxes in excess of $10,000 can they each claim $10,000 if they file separate?
Hi….we used a HE loan on primary residence as down payment on rental vacation home. is the interest on that deductible?
Would like to understand the 2018 Itemized deductions versus the $24,000 Standard Deduction, and the disapearence of the Personal Deduction. Reply
Hi David, As a result of the new tax reform law being passed the end of last year, the standard deduction increased to $12,000 if you file single and to $24,000 married filing jointly. Typically people who are homeowners can itemize their tax deductions since you can deduct expenses like home mortgage interest, property taxes and charitable contributions. If your itemized deductions are under $12,000 single or $24,000 married filing jointly then you would take the standard deduction. If they are more then you would itemize. If you are right at $12,000 or $24,000 in deductions there are things you can do to maximize your deductions like donate more so you can itemize your tax deductions. TurboTax will ask you simple questions about your deductions and figure out whether you can take the standard deduction or itemize. Regarding the personal and dependent exemption those have been eliminated. You can read more about the changes to the law here https://blog.turbotax.intuit.com/tax-reform/tax-reform-2017-passed-heres-what-it-means-to-you-32864/ If you have questions at tax-time you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered. Thank you, Lisa Greene-Lewis Reply
Is there a different deduction and brackets for Head of Household? Can we still file as Head of Household?
Well the point being even though the standard deduction for joint went up, personal deduction is gone the net result is that people file taxes next year in most cases they will pay more especially if they have kids
If we are married and want to file separate, will each of us get $12,000 for a standard deduction? If so, does that mean we can each itemize and get the $10,000 for our SALT deduction thereby getting $20,000 for the both of us together?
Give us a product to estimate and budget for our tax payments, especially in years like this one. SALT limited to $10K? Bad news that’s 6 months old from a blogger, but I can’t find any substantiation, including the IRS! You guys need to step up and make yourselves more relevant. I’ll pay for it. Reply
Hi Jim, You can use TurboTax TaxCaster to estimate your taxes and see how the new tax law will impact your 2018 taxes. The TurboTax TaxCaster app will also give you a side-by-side comparison of your 2017 and 2018 taxes and show you what changed. Here is the link: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ Regarding the SALT limitation, here is the article we published the day the law passed: https://blog.turbotax.intuit.com/tax-reform/tax-reform-2017-passed-heres-what-it-means-to-you-32864/ Thank you, Lisa Greene-Lewis Reply
My big issue with Tax Caster is that it doesn’t do a good job of estimating taxes if you have self employed income. I believe we are now eligible to deduct 20% of that income under certain income limits.
Hi Douglas, TaxCaster should be capturing the changes for self-employed. There are a few reasons you do not get the 20% deduction. If you make over a certain income threshold ($157,500 single, $315,000 married filing jointly)the ability to take the deduction starts to disappear. The TaxCaster app will give you a side by side comparison and will show you exactly where the changes are including the 20% qualified business income deduction. https://itunes.apple.com/us/app/taxcaster-by-turbotax-free/id346184215 Thank you, Lisa Greene-Lewis
Your taxcaster onto my PHONE? not a chance. Looks like I can run it on my desktop, but you are asking a LOT of questions whose answers are already recorded on my system in the TurboTax filing from last year. (really, I have 20 years of TT history) In fact, you could use last years data to forecast this year’s return, with the proviso that no significant changes are expected. One could go in to make those changes if known. You are putting too much work on me. I pay you annually so the load is lightened, not added to. So I’ll wait until December or January, and just do the form. Widen your horizons a bit when you spend time on these apps, and forget the smart phones! I use a home-based computer for finances, who wants all that out where anyone can steal it, huh?
TaxCaster doesn’t work properly. Could only enter 3 digits for income (not wages). When I started over I couldn’t enter my age. Thia has diminished mt trust.
Typically, I use a last year’s software to project the current year situation in July and november. Unfortunately, this is impossible for this year. PLEASE SELL PRELIMINARY 2018 NOW. Yes all forms CannI t be filed but we know what the law is subject to updates.
I appreciate there is something like TaxCaster but what I would really like to see is an update to the TurboTax software I purchased to complete my 2017 tax return so I can use the estimated taxes feature in that 2017 software to estimate my taxes for 2018. This would require an update to the 2017 software that would be made available when one re-opens their 2017 tax returns and is asked whether they would like to download any available updates.
Taxcaster does not ask about the various withholdings from your social security like Fed tax, Medicare Part B, Medicare Part D. So it makes TC useless for anyone affected. Plus, if you try to matchup TC to the desktop WhatIf sheet, you get a huge difference in results. So now it’s August and I still can’t figure out if I need to drastically increase my withholding.
I worked all of last year – went on Soc Sec this Feb. My husband has been retired. How can I figure tax liability with that change and the new tax law?
Thank you Lisa. This info has been available for awhile, and I appreciate TurboTax doing a great job keeping all updated.
Thank you for update. I just want to know if the medical expense deduction is available for the tax year 2018
Phone keyboard always fights me. The comment actually was I thought charitable deductions are to be included. Is this not so? Reply
Hi Mandi, You can still deduct charitable contributions if you can itemize your deductions under the new law. TurboTax will ask you simple questions about your deductions and figure out if you can itemize or take the standard deduction. If you have questions at tax-time, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered. Thank you, Lisa Greene-Lewis Reply
Does this mean that I must be able to itemize $12000 in deductions before I can also deduct charitable contributions?
Yes, they can – if you itemize deductions. The point is that, with the new higher standard deduction, many people will find they do better if they don’t itemize deductions. It now takes a lot more itemized deductions to justify itemizing at all. What you cannot do is to double-dip: to take both the standard deduction and also an itemizable deduction, such as charitable contributions or anything else, on top of it. Reply
When will a prototype Form 1040 be available. I would like to plug in my 2017 numbers to see what the tax effect would be. Thanks, Joel Cohn Reply
Hi Joel, You can figure out how the new tax law impacts your 2018 taxes by using TurboTax TaxCaster. You can also use the TurboTax TaxCaster app to get a side-by-side comparison of what changed in your tax situation under the new tax law. You can find TurboTax TaxCaster here: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ Thank you, Lisa Greene-Lewis Reply
It would be nice to have TaxCaster available to download to my PC instead of my data being in the cloud and used via cell phone – pretty clumsy and less secure overall.
I am trying to use taxcaster but it keeps asking questions about 2017. The answers are different for 2018 and isn’t that what taxcaster is for anyway? What’s going on? I even signed in as a TurboTax customer and still it wants 2017 information.
I have been a long time user of Turbo Tax. I do have a degree in finance and worked as a controller, General manager, Director of Marketing etc. with the 2 largest Hotel chains in the U.S. I am looking forward to sharing my thoughts and getting alternative feedback as well. Reply
Sidney, Can you tell me how to figure out the amount of depreation recapture when a rental house is sold if it was used two years as a rental? Like what forms do you need to file and how can you figure it out in the first place. Reply
My apologies if this is duplicate, but I don’t see my reply from earlier. Is the planning (W4) function in TurboTax 2017 up to date for the tax law changes coming in 2018? I know that there are changes in withholding, changes/limitations in Schedule A, and in the standard deduction. Does the 2017 product take these into account or work under the previous rules? Is it accurate, or do we need to use something else (e.g., TaxCaster suggested here) to ensure that are withholding are correct for TY2018? Reply